Seafolly, an Australian swimwear maker, has gone into voluntary administration, citing plummeting sales and the crippling financial impact of the coronavirus pandemic. KordaMentha announced Monday that it had been appointed as administrator by the company, which is owned by L Catterton, the PE firm co-founded by French luxury brand group LVMH.
The sale process for Seafolly, which has 44 stores in Australia and 12 overseas, will start immediately. Scott Langdon, a Sydney-based partner with KordaMentha who will oversee the sale alongside Rahul Goyal, said a high level of interest is expected from potential buyers due to Seafolly’s reputation.
The company was acquired for a reported $70 million in 2014 by L Capital Asia, part of the PE arm of LVMH, with an eye to expanding the Seafolly brand globally. In 2016, L Capital partnered with US firm Catterton and Group Arnault to form L Catterton.
Source: Pitchbook
Can’t stop reading? Read more
Paramount seeks $24bn Gulf backing to support $110bn Warner takeover
Paramount seeks $24bn Gulf backing to support $110bn Warner takeover Paramount Skydance is in...
Fund Friday: Top fundraising news in private equity
Fund Friday: Top fundraising news in private equity KKR has closed its North America Fund XIV at...
OVS secures $330m financing as TIP-backed retailer strengthens balance sheet
OVS secures $330m financing as TIP-backed retailer strengthens balance sheet OVS has secured a...