US Private Equity Firm L Catterton Sells Seafolly to Bondi Brands Group for $70 Million
US private equity firm L Catterton has sold Australian swimwear brand Seafolly to Bondi Brands Group for an estimated value of $70 million, according to the Financial Review.
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Seafolly was founded in 1975 by Peter and Yvonne Halas and is one of Australia’s most iconic swimwear brands. The company has over 100 stores in Australia and New Zealand and also sells its products online.
L Catterton acquired Seafolly in 2016 for an undisclosed sum. The company has since invested in the brand, opening new stores and expanding its online presence.
Bondi Brands Group is a new company that was formed specifically to acquire Seafolly. The group is backed by private equity firm Quadrant Private Equity and is led by former Seafolly CEO David Jenkins.
The sale of Seafolly is a sign of the growing interest in Australian fashion brands. In recent years, there have been a number of high-profile deals involving Australian fashion brands, including the sale of Country Road to TPG Capital for $2.2 billion in 2019.
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The sale of Seafolly is also a sign of the growing importance of the swimwear market. The global swimwear market is worth an estimated $20 billion and is growing at a compound annual growth rate of 5%.
The sale of Seafolly is expected to close in the coming weeks.
Key Takeaways
- US private equity firm L Catterton has sold Australian swimwear brand Seafolly to Bondi Brands Group for an estimated value of $70 million.
- Seafolly was founded in 1975 by Peter and Yvonne Halas and is one of Australia’s most iconic swimwear brands.
- L Catterton acquired Seafolly in 2016 for an undisclosed sum.
- Bondi Brands Group is a new company that was formed specifically to acquire Seafolly.
- The sale of Seafolly is a sign of the growing interest in Australian fashion brands.
- The sale of Seafolly is also a sign of the growing importance of the swimwear market.
What does this mean for the future of Seafolly?
The sale of Seafolly to Bondi Brands Group is a positive development for the brand. Bondi Brands Group is a well-funded company with a strong track record in the fashion industry. The group is likely to invest in Seafolly and help the brand grow its business.
The sale of Seafolly is also a sign of the growing importance of the swimwear market. The global swimwear market is worth an estimated $20 billion and is growing at a compound annual growth rate of 5%. This growth is being driven by a number of factors, including the increasing popularity of vacations and the growing demand for stylish and affordable swimwear.
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