The Bleach Group, the Australian company that owns the Insight and Ksubi brands, has received a capital infusion from a U.S. private equity firm.
Bleach said Wednesday that Breakwater Investment Management, a private equity firm based in Los Angeles, has invested into a new corporate entity that houses the Ksubi, Insight and Something Else brands after the previous corporate owner went into voluntary administration in Australia.
Voluntary administration is somewhat similar to bankruptcy reorganization in the U.S.
Bleach said the main reason it went into voluntary administration was the closure of its Asia-based sourcing factory in May.
Bleach has secured new factory arrangements and the supply of Insight and Ksubi apparel is expected to resume this month.
“The restructure was necessary to ensure the future of the Ksubi and Insight brands and more than 100 jobs globally and we can now look forward with confidence,” Bleach Group CEO Mark Byer said in a press release. “The need for a voluntary administration, which we attribute mainly to China supply chain problems, is regrettable. However, the outcome is a positive one for the Ksubi and Insight brands, our domestic and international employees, contractors and sub-contractors, retail and wholesale distribution partners, and the wider Australian fashion industry.”
Breakwater Managing Partner Saif Mansour said the firm’s investment creates a platform for expansion.
“The Bleach portfolio of brands has a proven history of success and increased customer adoption around the world,” he said in a press release. “We view this investment as a platform for accelerated expansion, both within the current brand portfolio and by adding further brand assets. We are delighted to be working with Mark Byers and his highly experienced management team in furthering the company’s exceptional prospects.”