Sheridan is one of Australia’s most recognised brands and is best known for designing, sourcing and distributing high quality bed linen and towel products, primarily to the consumer market. “We have worked closely with CHAMP and Sheridan since CHAMP acquired the business in November 2000,” Wilkie said. In that time, CHAMP had overseen a major transformation of the Sheridan business, with G+T involved throughout the restructuring as well as the eventual competitive sales process.

Pacific Brands paid $61.8 million in cash for the business (subject to confirmation of Sheridan’s net asset position at completion), financed through existing debt facilities. The transaction comprises: 100 per cent of the issued shares of Sheridan Australia Pty Limited, Sheridan NZ Limited and Sheridan UK Limited; the assumption of the liabilities of the acquired business, except for secured debt; and certain assets owned by other entities within the Sheridan group of companies.