Clothes firm close to deal for latest takeover in Australia
Irish protective-clothing company Portwest is close to completing a second multi-million takeover of an Australian company in just six months.
The Mayo company acquired Prime Mover Workwear in a deal worth €7.5m in March. The latest acquisition, which will cost close to €10m, will see the firm's Australian turnover double to €20m a year.
Portwest hasn't revealed the name of its latest acquisition, citing a non-disclosure agreement, but the company is based in Melbourne.
Westport-based Portwest is lead by brothers Cathal, Harry and Owen Hughes.
"Our sights are firmly fixed on our new markets of the US and Australia and we have an outstanding pipeline of new designs and innovations to drive this growth," CEO Harry Hughes said.
The brothers made headlines at home when the family bought the historic Westport House in Co Mayo for around €10m.
The latest deal was announced at an Enterprise Ireland business lunch in Melbourne, attended by 200 business leaders from Ireland and Australia. Julie Sinnamon, Enterprise Ireland CEO, described Portwest as an outstanding success story.