L Capital buys Australian swimwear brand Seafolly
L Capital Asia, a private equity firm sponsored by French luxury goods conglomerate LVMH, has acquired a controlling stake in Australian swimwear brand Seafolly.
The investment size was not disclosed, but it came from L Capital Asia II, which reached a first close at the hard cap of $950 million in September 2013. A final close, including the GP contribution, came a few months later. The fund is expected to back 12-14 companies.
Founded in 1975, Seafolly produces a range of swimwear, casual clothing and accessories for women and children, with collections including Seafolly Ladies, Seafolly Girl and Tiger Joe. It generates over A$100 million in annual revenues.
The company distributes its products through partnerships with retailers as well as its own store network. There are currently 14 Seafolly exclusive brand stores and 23 Sunburn multi-brand stores in Australia. It also has six Seafolly outlets in Singapore and California.
Anthony Halas, CEO of Seafolly, said the partnership with L Capital would support the company's plans for international expansion and its development into a full lifestyle brand.
"Seafolly invokes Australian summer and beaches in people's minds across the world, and we expect to take the brand to more people across the globe. Under Anthony's leadership, Seafolly has grown over time into one of the strongest lifestyle beach brands, and we look forward to partnering towards a new chapter in the brands growth," added Ravi Thakran, chairman and managing partner of L Capital Asia.
The private equity firm, which invests in companies that that qualify as aspirational, affordable and alternative mid-market brands, has completed three previous deals in Australia: boot maker R.M. Williams, sports apparel brand 2XU, and food retailer Jones the Grocer.
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