SYDNEY — LVMH-backed private equity firm L Catterton is set to reacquire Australian swimwear brand Seafolly after the Sydney-based company entered voluntary administration on June 29, citing the “crippling financial impact” of the Australian bushfires and the coronavirus pandemic.
In a statement released Monday, Sydney-based administrators Korda Mentha announced that L Catterton has been chosen as the preferred bidder for the brand, representing the best offer to all creditors, including suppliers. The deal is subject to creditor approval at a meeting on Aug. 3.