Crescent Capital evaluates sale of Tigerlily, appoints Deloitte
Sydney-based private equity firm Crescent Capital has appointed Deloitte to help sell its swimwear business Tigerlily, known for its bohemian prints and feminine styles, three years after emerging from voluntary administration.
Crescent Capital is seeking to capitalise on the increased interest in the beach apparel category following the sale of rival company Seafolly by its PE owners to an Asian strategic buyer in August, according to sources close to the firm.
The group was founded in 2000 by Johdi Meares, the former wife of James Packer, and sold to Billabong International. The brand became known for its patterned dresses and bikinis. Today, its offering is much wider including candles, knitwear and boots.
Private equity firm Crescent Capital is mulling a sale of Tigerlily, three years after VA. WireImage
Crescent bought Tigerlily from a then debt-laden Billabong for about $60 million in 2017. Tigerlily fell into voluntary administration in March 2020, just a few months after an ambitious rebranding.
A drop in foot traffic, travel restrictions and store closures due to the pandemic exacerbated already weak discretionary spending, hurting the brand. According to the deed of company arrangement lodged with ASIC, Crescent Capital put forward $1.75 million as part of the process where some of the secured creditors received 100¢ on the dollar while others recouped just 10¢, and others nothing at all. Tigerlily survived, but had a bumpy path until Travis Wright joined as its new CEO in late 2021.
Florida-born Ms Wright, former general manager of online fashion retailer Esther & Co, helped to reposition the group online, and joined the board along with Crescent’s Michael Alscher.
Under Ms Wright’s direction, Tigerlily has
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