Sunglass maker Two Svge seeks private-equity growth partner

Perth eyewear label Two Svge have hired advisors to line up a private equity investor after revenue jumped 65 per cent in FY25 and EBITDA reached A$11 million. The six-year-old direct-to-consumer brand, founded by brothers Lewis and Alex Nolan in 2019, targets fashion-forward tradies and festival-goers and now wants a partner to scale its operations and global reach.

Transaction snapshot

• Deal value: N/A

• Deal multiples: N/A

• Deal type: Minority growth investment

• Investors: N/A (process under way)

Two Svge generated most FY25 sales in Australia (53 per cent), with the United States (22 per cent) and Canada (17 per cent) following close behind. Management expects the US to contribute 35 per cent of earnings within three years as international marketing gains traction. The company spent about A$6 million on influencer campaigns and brand collaborations last year, helping drive 11 million annual website visits and a database of 635,000 subscribers.

Sale documents forecast EBITDA to climb to A$33.7 million by FY28, underpinned by high gross margins and a scalable online model. The brand’s bold designs and in-house motto “BE AN ICON. DO ICONIC SH*T” have resonated with blue-collar customers willing to pay a premium for distinctive eyewear. The Nolans plan to stay actively involved as the business enters its next growth phase.