Australia's Gazal Corporation has completed the sale of its Mambo surf art clothing brand to a private equity group following a strategic review.

The sale of Mambo for an undisclosed sum to Equity and Capital Finance Australia includes the brand's wholesale and retail businesses in Australia, and its rights worldwide, except for the European Union.

Gazal sold Mambo's UK and European rights to UK-based Blacks Leisure Group for GBP1m (US$2m) in October last year.

Equity and Capital Finance Australia is headed by surfwear entrepreneur Angus Kingsmill and Tony Woodward.

Kingsmill said he was delighted with the deal. "Mambo is one of Australia's most iconic brands with its unique positioning of surf, art, humour and music," he said.

"The opportunities both here and internationally are exciting and we look forward to working closely with Gazal to ensure a smooth transition of the business."

Gazal bought Mambo in 2000, but struggled to build it into a global brand and announced a strategic review in May last year.

CEO Michael Gazal said: "After completing the strategic review and considering the alternatives, it was clear that this sale option was in the best long-term interests of Gazal shareholders, and it allows the management team to focus on our core categories of business attire, intimate apparel and underwear, workwear, schoolwear and men's classic sports wear."