Australian homewares brand Decor has fallen into foreign hands but the new owners have promised it won't shift manufacturing or design jobs offshore.
Marlin Home, a division of South African private equity firm Coast2Coast Capital group, has bought Decor for an undisclosed sum from Australian businessman Graeme Wilson, the managing director of Victorian manufacturer Garden City Plastics.
Decor, founded in Melbourne in 1958, makes products including lunch boxes, drink bottles and wine coolers, 80 per cent of which are made by Garden City Plastics at its Melbourne factories.
Mr Wilson, who bought Decor four years ago from its founder, said he has struck a 10-year deal with the new owners to keep the majority of production in Australia.
He said he was confident Decor would become a major exporter across the globe under Marlin Home's control.
"I believe they are not going to sit on their hands, and compared to what we could do Decor will grow considerably, which will likely create more jobs, particularly in manufacturing," he told AAP.
The acquisition comes about six months after Marlin Home stumped up at least $50 million for Australian homewares wholesaler Albi.
Marlin Home said it plans to acquire at least four more "quality Australian brands" in 2017, ahead of a potential float on the Australian share market in the coming years.
It said it will concentrate on strong homeware brands, as well as garden furniture, camping and travel accessories.
"By the end of calendar 2017, we expect to have six or seven acquisitions completed," Marlin Home managing director Greg Kerr told AAP.
"Australia is a stable and wealthy marketplace and the homewares sector has solid growth metrics."
Coast2Coast has completed 50 acquisitions across the globe, including glass producer Krosno in Poland, since its creation 10 years ago.
Mr Kerr said Coast2Coast wants to build healthy long-lasting businesses.
