Australian swimwear brand Seafolly has purchased resortwear label Tigerlily after the brand fell into administration earlier this year.
The sale was overseen by Sydney-based private equity firm Crescent Capital Partners, which was originally initiated by the firm in late 2023. On December 12, Ragtrader reported that Tigerlily had 11 interested parties.
PKF’s Glenn Franklin and Jason Stone were appointed as joint administrators on March 4. Tigerlily directors - Crescent Capital's Michael Alscher and Ziying Sun - reportedly stepped down from the company in early January.
Documents obtained by Ragtrader show a deed of company arrangement (DOCA) was executed this week, with an estimated value of $2.3 million.
There is also a third-party contribution of $750,000.
The sale also comes nine months after Seafolly was purchased by an overseas buyer, in a deal that was estimated at approximately $70 million according to the Australian Financial Review.
Tigerlily continued to operate during its recent voluntary administration and sale process. The brand manages ten boutiques across Australia as well as an e-commerce website.
The resortwear brand was founded in 2000 in Sydney, Australia.
Ragtrader has reached out to Crescent Capital Partners for further comment, which was politely declined.