Seafolly Finds Saviour In Original Owners

Seafolly Finds Saviour In Original Owners

Australian swimwear company Seafolly has found a saviour in its original owners, just three weeks after it entered voluntary administration as a result of the economic downturn of COVID-19.

Voluntary administrators Scott Langdon and Rahul Goyal from KordaMentha Restructuring announced they had selected private equity business L Catterton as the preferred bidder yesterday morning.

“I was overwhelmed by the level of interest and competition to own one of Australia’s most recognisable brands,” Langdon said.

“With an optimised retail, online and wholesale network, Seafolly will continue to be the iconic Australian beachwear brand that customers know and love.”

Langdon said there was plenty of interest and competition for the iconic Aussie business – around 80 – but KordaMentha ultimately believed L Catterton would provide the best return to creditors.

L Catterton is Seafolly’s largest creditor and is owed around $25 million. However the firm said it will forgo any potential return to creditors to maximise the return to Seafolly’s other creditors.

As part of the acquisition, Seafolly will continue to honour reward points and gifts cards while also retaining 20 stores and 100 jobs across the country.

Creditors received a Deed of Company Arrangement on Monday night with the vote for the new owner to take place next Monday on August 3.

 

 




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