After less than a month in administration and after courting over 15 offers, it appears Seafolly is to be saved by its former own L Catterton.
Administrators KordaMentha picked the Asia-based private equity firm as the preferred bidder for Seafolly on Monday, stating it’s offer provides the best returns to “all” creditors and staff, with more than 110 employees set to keep their jobs at the 20 stores that will remain open.
“This is a terrific result after a very competitive process,” KordaMentha administrator Scott Langdon said. “With an optimised retail, online and wholesale network, Seafolly will continue to be the iconic Australia beachwear brand that customers know and love.”
Prior to administration, Seafolly traded across 44 stores in Australia and 12 stores overseas. L Catterton previously acquired Seafolly through a series of transactions between 2014 and 2018.
