Australia : Billabong sells Tigerlily business for Au$60 million

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Billabong sells Tigerlily business for Au$60 million

24
Feb '17

Courtesy: Tigerlily

Gold Coast, Australia based Billabong International Limited has entered into binding documentation to sell the Tigerlily business to Crescent Capital Partners. The transaction is in line with Billabong’s strategy to simplify its brand portfolio. The sale of Tigerlily will fetch Au$60 million, and the net proceeds from the sale will be used to retire debt.

Established in 2000, Tigerlily is all about the beach. Unique textiles, distinguishable prints, the fusion of fashion and classic themes, the continuous quest for the perfect bikini; these are the elements that have established Tigerlily as a leader in premium swimwear and beachwear, according to Tigerlily website.

Billabong had acquired Tigerlily business in December 2007 for Au$5.8 million. For the twelve month period ended December 31, 2016, Tigerlily’s revenue was approximately Au$30 million. On a full year basis, Tigerlily was expected to contribute between Au$7 million and Au$8 million in EBITDA to Billabong for the 2017 financial year.

Billabong was advised by Houlihan Lokey and Baker McKenzie on the transaction. The transaction is subject to conditions precedent which are typical for transactions of this type, with completion expected before the end of the current financial year. (RKS)

Fibre2Fashion News Desk – India

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