Apparel and music retailer Brazin has recommended shareholders accept a A$215m (US$167m) buyout offer from founder Brett Blundy.

Brazin's brands include the lingerie retailer BNT as well as music stores Sanity, Virgin Entertainment and HMV.

The offer from Bundy's investment company BB Retail Capital is "a superior proposal… and will provide shareholders with an opportunity to realise a significant premium on their shares", a statement from Brazin said.

BB Retail already holds a majority stake of 62.4% in Brazin, which began a review of its businesses and structure back in July.

Bundy scrapped a privatisation bid back three years ago because of uncertainties over the company's value.