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Seafolly may have kept trading while insolvent but is set to be saved from closure by ex-owner L Catterton

A month after it surrendered Seafolly to administrators, investment group L Catterton seems set to bring the Australian swimwear brand back into its fold.

Key points:

• Creditors will get to vote on L Catterton's bid for Seafolly on Monday
• L Catterton has agreed it will not share any of the return to creditors
• Seafolly was started in 1975 at Bondi Beach by Sydney businessman Peter Halas

The private equity fund acquired Seafolly through a series of transactions between 2014 and 2018.

The administrators said Seafolly may have traded while insolvent from early April to the date of their appointment, meaning that it was unable to pay its debts as and when they fell due.

KordaMentha Restructuring was appointed as voluntary administrators of Seafolly and sister brand Sunburn in late June after the COVID-19 pandemic crippled sales figures.

The liquidation company announced it had chosen L Catterton as the preferred bidder for Seafolly because "it provided the best return to all creditors including its suppliers".

"I was overwhelmed by the level of interest and competition to own one of Australia's most recognisable brands," partner Scott Langdon said.

"This is a terrific result after a very competitive process.

"With an optimised…

Seafolly swimwear brand sold for approximately $70 million in ownership change

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Seafolly sold to mysterious Asian buyer by private equity parent

Homegrown swimwear brand Seafolly has been sold by its private equity owner, US retail specialist L Catterton, to an Asian strategic buyer in a deal valuing the famous label at about $70 million.

Despite the tough market for retail, the sale marks the second struck this week for an Australian brand, after Bondi Sands was traded by its founders for $450 million to Japan’s Kao Corporation on Tuesday.

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