Industrial giant Pacific Dunlop has sold its Pacific Brands clothing and footwear business to a private investment consortium for A$730 million.

PacDun said the sale of the consumer division to CVC Asia Pacific and Catalyst Investment managers was in excess of book value for the assets and that depending on its performance this financial year, it may also get a bonus of up to $10 million.

The deal will allow PacDun to concentrate on its Ansell healthcare division, with proceeds from the sale used to retire debt. Catalyst Investment recently bought Australian-based clothing retailer Just Jeans for A$120 million.