PAS makes fashion acquisition

PAS Group, owner of Review, Metallicus, Black Pepper, Yarra Trail, Fiorelli, and Annapelle, has purchased Australian premium swimwear label, Jets.

Jets is a Sydney-based business with a 30 year heritage in the swimwear market. It sells swimwear through local and international department stores, independent stores and online. Activewear is sold through local department stores, independent stores and online.

It is a high margin business with an EBIDTA to sales ratio in 2015 in excess of 15 percent. The acquisition, funded from a combination of PAS’s existing cash and a portion of its undrawn debt facility, is expected to be immediately earnings accretive.

Eric Morris, CEO of PAS, said Jets is a strong brand in Australia with highly developed design, production and distribution infrastructure.

“Jets will enhance our presence in the rapidly growing activewear market and provide 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,” said Mr Morris.

PAS has acquired the business from Jessika and Adrian Allen. Jessika will remain as design director for a minimum of 18 months before moving to a consulting role. Rob Schonberger, who has been with the business for seven years, will remain GM.