Mining billionaire Andrew 'Twiggy' Forrest snaps up Akubra in multi-million dollar deal - as hatmaker changes hands for the first time in five generations

The image is seared into Australian lore: Under a hot desert sun, a mounted soldier pours the last of his water into his slouch hat to share with his best friend, his horse.

For countless Australians over the past 147 years, Akubra hats have not just been a fashion statement, but an integral part of life.

Now, the iconic family-owned brand Akubra is set to change ownership for the first time in five generations. 

Australian business titans Andrew 'Twiggy' Forrest and ex-wife Nicola have acquired Akubra from the Keir family in a multimillion-dollar takeover through their investment company Tattarang. 

On Sunday, Tattarang will be handed the keys to Akubra's historic factory in Kempsey, on NSW's north coast. 

The acquisition ensures the brand, which has hatted Diggers since World War One - will remain Australian-owned and locally manufactured. 

Tattarang also bought the iconic Aussie boot brand RM Williams in October 2020 and has since added two manufacturing lines to its Adelaide worksop and hired almost 500 extra staff. 

Akubra's outgoing chairman Stephen Keir IV said the family chose to sell to Tattarang because they wanted owners that would protect and invest in the company - as they did in RM Williams. 

'We thought long and hard about selling the business after five generations of family ownership,' Mr Keir said. 

'After we saw how the Forrests have invested in local manufacturing with RM Williams, we decides they were the right custodians for Akubra.' 

It's believed Mrs Forrest, who split from the mining magnate in July, will take the leading role in the company, with Akubra remaining separate to RM Williams. 

Mrs Forrest was present at the Akubra factory in Kempsey on Thursday when Mr Keir announced the business sale to workers. 

In hand, was the Akubra her late father wore while working on their farm on land in rural NSW between Dubbo and Mudgee. 

Ms Forrest, who grew up in regional NSW, told workers she was committed to protecting and enhancing Akubra's legacy.  

'Growing up in regional NSW, my parents taught me lifelong lessons about hard work and resilience,' the Daily Telegraph reported. 

'The image of my father's tireless energy and perseverance, measured by the sweat on his Akubra, remains etched in my memory.

'An Akubra has always been part of my life, and as a new custodian, I am excited to help new generations discover this treasured Australian icon.'

Both parties remain tight-lipped on the figure of the sale, however it is expected to be within the ballpark of $190 million - an amount similar to the amount Tattarang paid for RM Williams. 

Tattarang has flagged plans not only to build more factories but to also take Akubra's to the US market.

The iconic brand was founded in 1876 in Hobart, with Stephen Keir I joining the company 28 years later in 1904. 

Akubra's have become synonymous with Australian culture and have been donned by the Australian Armed Forces, Australian Olympic teams, Prime Ministers and even a Pope. 

The handmade hats have even featured in classic films including Crocodile Dundee, The Man from Snowy River and Phar Lap. 

Each hat takes about six weeks and 162 steps to make, passing through 60 pairs of hands in that time. 

The Akubra, an Aboriginal word meaning 'head covering,' has provided Australians protection from the country's harsh elements - its fur felt blocking the scorching sun and holding back the rain - for 147 years. 

The hats symbolise life in the Outback and a rugged self-reliance that is still a source of pride for Australians, even if many have moved to a more comfortable lifestyle in the city.