Surfwear retailer Billabong has sold its Tigerlily business for $60 million.
The swimwear label was sold to Sydney private equity firm Crescent Capital Partners.
Billabong acquired Tigerlily for $5.8 million in 2007.
Tigerlily’s revenue was approximately $30 million for the twelve months ended 31 December, 2016.
On a full year basis, Tigerlily was expected to contribute between $7 million and $8 million in EBITDA to Billabong for the 2017 financial year.
Billabong confirmed the sale will simplify its portfolio and pay down debt.