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Private equity firm looks to acquire PAS Group out of administration

Source: Review Instagram

Fashion house PAS Group will likely be acquired by private equity firm Queens Lane Capital by way of a deed of company arrangement.

The deal will need to be voted through by the business’ shareholders, and will see brands such as Review, Black Pepper, Yarra Trial, Marco Polo and Breakaway continue.

“We are proud to have saved circa 1,000 Australian jobs, and with a turnover of $200 million there are tremendous opportunities to further grow the PAS Group,” said Queens Lane Capital chairman Larry Kestelmen.

“A major focus will be on building the online presence which has expanded to 25 per cent during Covid-19 and developing a single customer view through further marketing and online investment.”

The private equity firm said it is looking “closely” at other acquisition opportunities, with a strong focus on “special situations, turnarounds, corporate carve-outs and management buyouts of companies with a turnover of $50 million and above.”

PAS Group CEO Eric Morris will remain in charge of the business, as will its current management team, but will be overseen by a new board that will be formed and led by Kestelmen.

Morris said the acquisition would provide PAS Group with financial strength, and that he is excited about what opportunities it could open up for the business moving forward.

PAS Group fell into voluntary administration in May as a last-ditch effort to restructure the company in a way that will enable it to operate sustainably into the future.

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