Aussie surf wear icon Mambo has been sold to private equity group, Equity and Capital Finance Australia.

The takeover bid was spearheaded by Australian surf wear entrepreneur Angus Kingsmill and managing partner of BA Woodward and Associates, Tony Woodward. 

Sold by Sydney-based clothing retailer, Gazal Corp Ltd., Mambo’s new owners have the rights to the Mambo brand throughout the world, excluding the UK and Europe.

In announcing the Mambo acquisition, new managing director Angus Kingsmill said his consortium was delighted with the opportunity to acquire this exceptional brand and showcase it to new markets.

“Mambo owns a unique and exciting position in the global fashion landscape, and we intend to bring about the change and investment required to energise Mambo’s original brand values of surf, music, art and irreverence.”

Kingsmill said the new syndicate is “committed to modernising Mambo’s original vision and will seek artists and designers from around the globe all in the name of getting people to laugh at one another’s clothes for the right reasons. We will also promote the brand in new ways that will shock, amuse and potentially arouse.”

Established in 1984 by Dare Jennings and Andrew Rich, Mambo has had a big impact on the Australian surf wear market. Its team of artists, including Reg Mombassa and Rich Allen, have produced internationally renowned tee shirt prints such as ‘The Farting Dog’, ‘Beer Tree’, ‘Prawn Stars’ and ‘Live fast Die Young in a nice pair of shorts’.

The label has a heritage unlike any other Australian clothing brand. Mambo exhibitions have hung to critical acclaim and huge crowds from London to Bologna in Italy, and Darwin to Sydney’s Museum of Contemporary Art.  Holden also famously commissioned a Mambo Sandman Ute, while the Australian Olympic team wore Mambo at the opening ceremony of the 2000 Olympic Games.