THE AUSTRALIAN: Teresa Ooi
PAS Group, backed by Deutsche Bank’s private equity arm, has bought three clothing and fashion accessories brands – Fiorelli, Capelle and Review.
The purchase of the Melbourne-based companies for an undisclosed sum will beef up PAS’s wholesale apparel business for a possible float or sale of its assets in the next three years.
PAS chief executive Eric Morris, an experienced retailer who previously worked for Myer, said: “The three businesses have established themselves as dominant brands in their respective markets, which makes them an ideal fit with our business strategy.”
The privately owned PAS Group was set up two years ago by DB Capital Partners, the private equity arm of Deutsche Asset Management which has an 84 per cent stake in the company. The remaining 16 per cent is held by PAS management, including Mr Morris.
PAS has a portfolio of brands including Yarra Trail, Breakaway, Designworks and Hopkins Group, whole labels such as Black Pepper, Marco Polo, Sirocco and Chino Kids are supplied to department stores David Jones, Myer, Target and more than 1500 independent retailers.
PAS’s earnings before interest, tax, depreciation and amortisation (EBITDA) are more than $30 million a year.