Australian fashion brand Metalicus, known for its stretch bodywear, has been acquired by The PAS Group for an undisclosed sum.
The PAS Group is Australia’s second largest wholesale apparel company, comprising a portfolio of well-known names including Yarra Trail, Breakaway Apparel, Designworks Clothing Company, The Hopkins Group, The Capelle Group, Fiorelli Licensing and Review Australia.
“We are delighted with the acquisition of the Metalicus business as it is a great complementary fit to our portfolio of businesses and brands,” said Eric Morris, CEO of The PAS Group.
Metalicus was founded in 1992 by Melbourne designer Melma Hamersfeld. The PAS Group is majority owned by private equity funds managed by Propel Investments.
“Metalicus is The PAS Group’s eighth acquisition in three years. Under Eric’s leadership, the group has emerged as a major supplier and retailer of apparel and related product across Australia, with annualised EBITDA in excess of $45 million,” said Albin Kurti, co-founder and MD of Propel Investments.
He said Metalicus would be pursuing an aggressive expansion program in Australia and overseas.