Gold Coast surfwear giant Billabong completes $60 million sale of swimwear business Tigerlily

GOLD Coast surfwear giant Billabong has completed the sale of the Tigerlily swimwear business for $60m.

Billabong has completed the $60 million. sale of Tigerlily swimwear to Crescent Capital Partners.

GOLD Coast surfwear giant Billabong has completed the sale of the Tigerlily swimwear business.

Billabong in late February said it was selling Tigerlily for $60 million to Crescent Capital Partners to simplify its brand portfolio.

Funds from the sale of the boho swimwear brand founded by Jodhi Meares, former wife of billionaire James Packer, will be used to retire debt.

A bikini from Tigerlily.

The business was acquired by Billabong in 2007 for $5.8 million.

The sale was 10 times more than its purchase price and well above book value of just $3.6 million.

Flashback to 2000: Jodie Packer at work on her then Tigerlily swimwear range in Sydney. Photo: Michael Perini

Burleigh-based Billabong at its annual meeting in November said it is looking to sell its small brands as it works to return from a near wipe-out in 2013.

Billabong is also looking to offload VonZipper and Excel.

The retailer wants to concentrate on its three big brands: Billabong, RVCA and Element.

Model Kristy Hinze wearing a bikini from Tigerlily in 2001.

One of Tigerlily’s one piece swimsuits.