Pacific Brands to buy Sheridan

Pacific Brands will acquire bed linen company Sheridan for $69 million.

It will purchase the Australasian and UK operations of Sheridan from Champ Private Equity, which has undertaken a major restructure.

Pacific Brands CEO Paul Moore said Sheridan was one of the most recognisable brands in Australasia.

Pacific Brands says it will fund the acquisition through existing debt facilities.

It will acquire 100 per cent of the issued shares of Sheridan Australia, Sheridan NZ and Sheridan UK.