Private equity group snaps up Mambo

NATIONAL: Gazal has announced the sale of its Mambo brand outside of the European Union and its Australian wholesale and retail businesses.

Following on from the strategic review announced last year, the retail apparel group has sold the brand to private equity group Equity and Capital Finance Australia, headed by Australian surfwear entrepreneur Angus Kingsmill and Tony Woodward.

It is understood the transaction value of assets sold is in excess of their varying values and the sale is not expected to have a material effect on company earnings.

Chief executive officer Michael Gazal said the sale was in the best long term interests of shareholders.

"It allows the management team to focus on our core categories of business attire, intimate apparel and underwear, workwear, schoolwear and men's classic sportswear."