L Capital Asia has purchased a controlling stake for an undisclosed amount in Australian swimwear brand Seafolly, according to a statement.
Seafolly is a swimwear brand founded in 1975; it has 14 Seafolly stores and 23 Australian outlet stores, called Sunburn, as well as six Seafolly stores in Singapore and California. Since its founding, it “has achieved over AUD 100 million in revenues, selling through a network of owned stores as well as international partners including Myer, Selfridges, Nordstrom and Galeries Lafayette”, according to the statement.
Since 1998, Anthony Halas has been chief executive officer and led the company's expansion into Europe, America and Asia.
“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 brand’s growth,” Ravi Thakran, L Capital chairman and managing partner, said in a statement.
This acquisition will be L Capital’s 19th investment and its fourth Australian deal. Previous investments include clothes retailer RM Williams, fitness wear company 2XU and Jones the Grocer.
The firm’s latest private equity fund, its second, closed on $1 billion in August this year.
Backed by LVMH Moët Hennessy Louis Vuitton, L Capital Asia launched in 2009 and closed its debut fund in 2010 on $637 million.
Seafolly did not return a request by press time. L Capital declined to comment.