Andrew and Nicola Forrest’s acquisition of classic Australian brands continues with the purchase of hatmaker Akubra, which will join labels like R.M. Williams and Bega Group under the Tattarang investment firm umbrella.
Tattarang and Akubra announced the acquisition on Sunday, confirming the storied manufacturer of outback-ready hats will exit 147 years and five generations of family ownership.
Andrew and Nicola Forrest, who built their multi-billion dollar fortunes through the resources sector and their stake in iron ore miner Fortescue, said it was an honour to welcome the company into the Tattarang fold.
The deal’s value was not disclosed.
Taking over the company will also ensure its local roots remain intact, the pair said in a statement.
“Tattarang invests to ensure companies like Akubra remain Australian owned and we’re proud to be able to ensure the growth of Australian manufacturing, both protecting and creating new jobs, particularly in our regions.”
Stephen Keir IV, who will depart as chairman of the Akubra board of directors, said the decision to sell up to ‘Twiggy’ and Nicola was motivated by the investment group’s treatment of lauded bootmaker R.M.Williams.
The acquisition is only the latest in a growing string of purchases that are not only diversifying the Forrests’ interests but are consolidating quintessential Australian brands under one corporate identity.
Tattarang acquired R.M. Williams in 2020 from the Louis Vuitton group, bringing the Adelaide-based bootmaker back under Australian ownership.
The deal reportedly cost $190 million.
“Andrew and I want to continue the legacy of this great company, and that means continuing to employ and support the Australians that have built and grown the brand,” Nicola Forrest said at the time.
While the classic Chelsea-style boot has been ingrained in the national psyche for generations, other developments under Tattarang hint at new futures for R.M. Williams.
Last year, Tattarang funneled $26.8 million into Natural Fiber Welding, a US firm that creates a leather-like material composed of plant fibres and mineral elements.
Having both firms in close corporate proximity raised the prospect of a vegan R.M. Williams boot.
Tattarang’s agrifood wing holds an 11.5% stake in Bega Cheese, which itself houses national favourite brands like Vegemite, Dairy Farmers milk, Big M, and Farmers Union iced coffee, on top of the cheese itself.
The investment group increased its ownership of the dairy giant in 2022 from 10%, after deploying a $15 million share acquisition.
Tattarang this year acquired a minority stake in Australian fashion label Camilla, known for its flowing kaftans and vibrant, eccentric prints.
The label is a far cry from the iron ore mining operation that underpinned the pair’s fortunes, but nonetheless fits in with Tattarang’s ethos of buying into big-name Australian brands.
“It was important to me to find the right partner to help get us to the next chapter,” founder Camilla Franks said of the deal.
The Forrests acquired Perth beachside haunt Indiana in 2019 through Fiveeight, Tattarang’s property company.
Fiveeight pledged to redesign the complex in December 2021, offering a vision of “new restaurants, cafés and family-friendly kiosks, a promenade and covered public plaza, plus a multi-million-dollar upgrade for the Cottesloe Surf Life Saving Club”.
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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