Billabong sells swimwear brand Tigerlily to Crescent Capital

Billabong International has said that it has finalized the sale deed of its Tigerlily business to Crescent Capital Partners. The company said, this transaction is in line with Billabong’s strategy to simplify its brand portfolio.

Billabong said, sale of Tigerlily will raise 60 million dollars, with net proceeds from the sale used to retire debt. The business was acquired by the company, in December 2007 for 5.8 million dollars.

Tigerlily’s revenue was approximately 30 million dollars for the twelve-month period ended December 31, 2016 and on a full year basis was expected to contribute between 7 million dollars to 8 million dollars in EBITDA to Billabong for the 2017 financial year.

Picture:Tigerlily