Huntington Beach-based Boardriders Inc., which owns and operates the Quiksilver, Roxy and DC Shoes brands, announced Thursday that it has signed a definitive agreement to acquire all of the shares of Billabong International Ltd.
Terms of the deal were not disclosed.
The transaction is subject to a number of customary closing conditions, including shareholder, court and regulatory approvals, and is expected to close in the first half of this year.
“The combination of Boardriders and Billabong will create the world’s leading action sports company with sales to over 7,000 wholesale customers in more than 110 countries, owned e-commerce capabilities in 35 countries and over 630 retail stores in 28 countries,” according to a statement released by Boardriders. “The combined company will include some of the most coveted brands in the industry as Billabong, RVCA, Element, VonZipper and Xcel are added to the Boardriders family of brands.”
Boardriders changed its name from Quiksilver Inc. in March 2017 as part of its turnaround since emerging from bankruptcy in February 2016 under the ownership of Oaktree Capital Management, L.P.
Upon closing of the transaction, Dave Tanner, currently managing director at Oaktree and chief turnaround officer for Boardriders, will become CEO of Boardriders. Pierre Agnes, currently CEO of Boardriders, will become president of Boardriders, remain a board member and lead a substantial portion of the integration of the two companies.
“The combination of these two leading action sports companies, which include a broad range of iconic brands with deep heritage in surf, snow and skate, is very exciting for all of us who share a passion for outdoor action sports,” Tanner said. “We are committed to preserving the autonomy, creativity and unique cultures of all the brands while we leverage our best-in- class operating platform to accelerate the growth of the brands globally.”
Matt Wilson, chairman of Boardriders and managing director and co- portfolio manager at Oaktree, hinted at a possible future role in the company for Neil Fiske, current CEO of the Billabong Group.
“We have high regard for Neil and what he has accomplished over the years. I personally have valued his keen strategic thinking and leadership. I very much hope that he will join us for the next leg of this journey and continue his contribution to these great brands,” Wilson said.
–City News Service