Mon, 11 Jul 2011 | BUSINESS SALE
Swimwear business Zoggs could be put on the market after its owner, Kendal Group, brought in corporate finance advisers Livingstone to assist in exploring long-term options that include a trade sale.
Although the company is registered in the UK, Zoggs is still operated from Australia, where it was set up in 1992. The business distributes and sells swimming goggles, swimwear, training aids, scuba gear and wetsuits around the globe.
Entrepreneurs Daniel and Leo Gestetner, who control Kendal Group, purchased Zoggs in 2003, and received £1.5 million of investment from venture capitalist Octopus Asset Management in 2005.
Since the transferral of ownership, the company has grown quickly and now sells its goggles in 40 countries.
Livingstone is to assess the strategic options for Zoggs over the next six to 12 months. If a deal does take place it is expected that the price will be in the multi-millions of pounds.
Zoggs International Ltd recorded revenues of £15.98 million for the year ending 31 March 2010, up from £10.98 million for the year to 31 December 2008.
The Gestetners have a history in purchasing companies and turning them around, as well as setting up new enterprises. Together, the brothers set up ShopSmart.com, a price comparison website in the late 1990s, and was later sold on to Barclaycard.
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