Laurence Eales, owner of one of Australia’s largest equipment hire firms EA Hire, is celebrating today after upstaging some of the wealthiest thoroughbred owners in Australia to win the Melbourne Cup with his horse Shocking.
Eales, who is aged 37, was born in Cairns but is now based in Melbourne. He has built EA Hire up from a one man, one excavator operation into a thriving business with more than 150 staff.
He only started buying horses four years ago, when he took a share in his first galloper, called Rednex. The horse won a minor race in at a Victorian country meeting, but for the long-time punter the ownership bug had bitten.
“I knew when I built my business up and had a bit of `coin’ behind me I would have a bit of a crack,” Eales said immediately after yesterday’s race.
Unlike many owners, Eales picks horses from the sales himself and concentrates on the progeny of imported stallion Street Cry.
Two years ago, he sent two Street Cry horses to trainer Mark Kavanagh. The first was Whobegotyou, who is seen as a potential champion and has already won more than $2.2 million in prize money.
The second was Shocking, who has now won more than $3.8 million after his Cup victory.
The two horses cost a total of $83,500 and have now earned more than $6 million – that’s the sort of return any entrepreneur would love.
Eales has a classic rags-to-richest story. He dropped out of high school early to go and work in his father’s butchers shop and later became an apprentice tiler. He then moved to Sydney and decided to move into the earthmoving business after buying a single excavator.
“I worked hard at my business and set it up so I could have a little bit of a dabble with the horses,” Eales said yesterday.
“You’ve got to do what you like, and I love the game and I love the industry.”
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
