SYDNEY: Hancock & Gore Ltd (H&G) said on Tuesday it had acquired UK-based schoolwear brand Trutex Group in an all-cash deal valued at approximately A$26 million, marking a strategic transformation into a global schoolwear business under the Schoolblazer Group banner.
The acquisition, funded entirely from H&G’s balance sheet, brings together Trutex, Schoolblazer UK, and Mountcastle, creating a unified platform with pro-forma annual revenue of A$200 million and EBITDA of A$25 million, including synergies.
Trutex, founded in 1865, operates in over 35 countries and adds A$78 million in forecast revenue for FY25. The deal is expected to unlock sourcing and operational synergies worth A$1.5 million within two years, H&G said.
“This is a transformative acquisition that positions us as a global leader in schoolwear,” said Tim James, co-founder of Schoolblazer UK and incoming Executive Chairman of Schoolblazer Group.
“Trutex’s international footprint and brand equity are highly complementary to our existing operations.”
H&G will seek shareholder approval to rename itself Schoolblazer Limited at its FY25 AGM, reflecting its sharpened strategic focus. The group plans to consolidate financials from October 2025.
Trutex’s sustainability credentials, including carbon-neutral operations and ethical sourcing, align with Schoolblazer’s ESG commitments. The combined group aims to expand its e-commerce model and premium and value brand offerings across Asia, the Middle East, and Australasia.
The acquisition follows H&G’s divestment of A$14 million in investment assets since March 2025, enabling the transaction and supporting deferred consideration payments.