Seafolly sold to mysterious Asian buyer by private equity parent
Homegrown swimwear brand Seafolly has been sold by its private equity owner, US retail specialist L Catterton, to an Asian strategic buyer in a deal valuing the famous label at about $70 million.
Despite the tough market for retail, the sale marks the second struck this week for an Australian brand, after Bondi Sands was traded by its founders for $450 million to Japan’s Kao Corporation on Tuesday.
Swimwear group Seafolly has been sold amid a tough retailing environment. Louie Douvis
Seafolly’s buyer is understood to be an entity called Bondi Brands Group, which was created in June, according to documents obtained from the Hong Kong Companies Registry. The key founder is apparel manufacturer Vision Brands Group, but there are other offshore shareholders attached to Bondi Brands.
The deal completes a four-month sale process led by FTI Consulting which attracted international strategic players and local family offices.
L Catterton declined to comment on its exit from Seafolly, which was founded in 1975 by Peter and Yvonne Halas.
Seafolly also offers loungewear, knits and beach cover-ups. Over the years its swimwear has been promoted by ambassadors such as Kristy Hinze, Miranda Kerr and Behati Prinsloo.
Like so many in the rag trade, Seafolly founder Peter Halas is a story of immigrant success. Born and raised in Hungary, Mr Halas arrived in Australia in the wake of Hungary’s 1956 Communist Revolution. In June 1957, he settled in Bondi Beach, where he later met his wife.
Mr Halas got a job as a manufacturer’s sales agent, flogging sportswear and swimwear on commission to hundreds of small customers. He became a partner in a swimwear manufacturer called Waterlilly. About a decade later, in 1975, he founded his own company
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