Adelaide knitwear manufacturer Silver Fleece saved by Sunset Lover
A 73-year-old Adelaide knitting mill has been rescued from liquidation by the founders of fashion brand Sunset Lover. The acquisition followed a 48-hour capital raising campaign that secured $1 million to save the Australian-owned manufacturer.
Transaction snapshot
Deal value: $1 million
Deal multiples: N/A
Deal type: Acquisition from liquidators
Investors: Dean and Melanie Flintoft, founders of Sunset Lover, and community investors
Silver Fleece, established in 1951, was facing closure after entering administration in June 2024. The mill, located in Hindmarsh, South Australia, produces uniforms, clothing and accessories for schools, businesses and sporting organisations nationwide.
Dean and Melanie Flintoft acquired Silver Fleece's assets on 9 August 2024. The couple, who founded sustainable fashion brand Sunset Lover in 2021, launched a media campaign that quickly raised the necessary funds to save the business.
The Flintofts cited a personal connection to Silver Fleece as motivation for the rescue, noting that their own school jumpers and their children's were made by the mill.
Under new management, Silver Fleece has resumed operations. All 20 staff members, mostly women and younger employees, will keep their jobs. The Flintofts plan to reassure existing customers while seeking new clients to boost production capacity.
The $1 million raised will be used to recapitalise the business, improve efficiency, purchase new machinery and fund business development. The new owners aim to grow Silver Fleece's current markets while adding fashion to its offerings.
Melanie Flintoft stated that they're working on a strategy to secure more government, school and sporting contracts. She noted the strong community response proves Australians value locally made products and manufacturing capabilities.
Sunset Lover will join Silver Fleece's client list, which includes Cricket Australia and various schools. The fashion brand plans to launch its Resort 2024/25 collection in partnership with Silver Fleece, showcasing Australian-made knitwear with full supply chain visibility.
The acquisition aims to blend traditional craftsmanship with sustainability, potentially opening doors for other Australian companies interested in locally manufactured garments.
