LORNA JANE SET TO SELL

BRISBANE based active-wear company Lorna Jane will be put up for sale at a $500 million price tag, according to media reports.

The Australian Financial Review is reporting that private equity firm CHAMP Ventures and company founder Lorna Jane Clarkson have decided to sell the business.

The news comes after speculation earlier this year that the company would float its shares publicly on the Australian Stock Exchange, with CHAMP poised to take a 40 per cent stake.

According to reports, bankers from Credit Suisse’s New York branch have been called in to run the auction, with Lorna Jane and her co-founder husband Bill Clarkson expected to announce the impending sale soon.

At the time of press there has been no official announcement from the Lorna Jane head office and calls by Brisbane Business News yesterday were not returned.

CHAMP Ventures took its stake in Lorna Jane in early 2010.

Lorna Jane profits hit $19.6 million for fiscal year 2013, up from 12.9 million in 2012, with a network of more than 155 retailers.