Australian swimwear label Jets has been snapped up by retail juggernaut The PAS Group.
The acquisition was reportedly funded by PAS's existing cash and a margin of its undrawn debt facility and is expected to be immediately earnings accretive.
PAS targeted the swim and activewear label due to its high margin business which records an EBIDTA to sales ratio in excess of 15% this year.
PAS CEO Eric Morris believes the acquisition will push the Jets brand further into the global market.
“Jets is a strong brand in Australia with a highly developed design, production and distribution infrastructure.
“It also enhances our presence in the rapidly growing activewear market and provides a platform for significant future growth.
“In Australia, there are opportunities to increase its retail footprint and expand its online presence.
“We will also look to broaden its international distribution.”
Jets founders Jessika and Adrian Allen have released a joint statement regarding the decision to sell the brand.
"We are very proud of the business and brand we have built over the years and extremely grateful to the Jets team for their effort and support.
“Having considered many potential options, we felt PAS was best suited to take the business to the next phase, and we are delighted to be working with Eric and his team to further the growth of the brand."
At this stage it has been confirmed that Jessika will stay on as design director at the brand for a minimum of 18 months before moving to a consulting role.
The PAS Group currently owns and operates major Australian fashion retailers including Review and Metalicus.