SYDNEYBillabong International Ltd. said late Wednesday that it plans to sell Australian swimwear brand Tigerlily for 60 million Australian dollars, or $46 million at current exchange.

The Gold Coast, Queensland-based surfwear company said it has entered into a binding agreement with Sydney private equity firm Crescent Capital Partners for the sale of the 17-year-old brand, which it acquired in December 2007 for $5 million.

The funds will be used to retire debt, in keeping with Billabong’s turnaround strategy to simplify its brand portfolio, the company said.

Launched in 2000 by former model Jodhi Meares — who was at the time the wife of Australian casino mogul James Packer — Tigerlily’s sales for the 12 months ended 2016 were 30 million Australian dollars, or $22.3 million at average exchange for the period, Billabong reported.

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On a full-year basis, the brand is expected to contribute 7 million to 8 million Australian dollars or $5.3 million to $5.6 million in earnings before interest, taxes, depreciation and amortization to Billabong for the 2017 financial year, which ends on June 30, with further details to be provided with Billabong’s half-year results announcement on Feb. 24, the company said.

According to Billabong’s 2016 annual report, Tigerlily achieved 21 percent year-on-year sales growth in Australia and record growth in the swimwear category last year.

In December, when speculation first mounted that several smaller Billabong brands were on the block, a Billabong spokesman told WWD there were up to 20 suitors for Tigerlily.

Tigerlily is the latest lifestyle brand acquisition for Crescent Capital Partners, a mostly healthcare-focused private equity firm, which invests in medium-sized Australian and New Zealand companies with enterprise values of between 50 million and 300 million Australian dollars, or $38 million and $230 million, according to its web site.

The firm’s 20 active acquisitions include Melbourne-based travel and lifestyle accessories brand Crumpler and Sydney-based mineral-makeup brand Nude by Nature.

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