The swimwear label, which recently launched an activewear business, is sold through local and international department stores, independent stores and online.
“Jets is a strong brand in Australia with a highly developed design, production and design infrastructure. It also enhances our presence in the rapidly growing activewear market and provides a platform for significant future growth,” said Eric Morris, CEO of PAS.
“In Australia, there are opportunities to increase its retail footprint and expand its online presence. We will also look to broaden its international distribution.”
PAS described Jets as a high-margin business, with an EBIDTA to sales ratio in 2015 in excess of 15 per cent.
As part of the deal, Jessika Allen will remain as design director for a minimum of 18 months before moving into a consulting role.
Rob Schonberger, who has been with Jets for seven years, will remain as GM.
In a statement, Jessika and Adrian Allen said they were proud of the business and brand they had built.
“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 grow the brand,” they said.
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