PE firms circle CHAMP-backed Lorna Jane - report
Bain Capital and Advent international are said to be among the potential buyers for Lorna Jane, an Australian women's fitness and leisure apparel company backed by CHAMP Ventures.
According to The Wall Street Journal, the private equity firms - along with US sportswear chain Foot Locker - have submitted first-round bids for the company.
Brisbane-based Lorna Jane, which sells both online and offline via a chain of 72 global outlets, makes sportswear aimed at women from yoga pants to sports bras. The majority of the firm's stores are in Australia, but it also has locations in the US, South Africa, Sweden and the United Arab Emirates.
AVCJ Research's records show that CHAMP Ventures acquired about 40% of the company for A$25 million (then $22.6 million) in March 2010. The investment was one the GP's last from CHAMP Ventures Investment Trust No.6, a A$300 million vehicle that launched in 2006.
The most recent recorded exit by CHAMP Ventures was last October when it sold Australian frozen food producer Vesco Foods to Catalyst Investment Managers for an undisclosed sum.
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