Huntington Beach-based Boardriders Inc., which owns and operates the Quiksilver, Roxy and DC Shoes brands, announced Tuesday that it has completed its acquisition of rival Billabong International Ltd. in a deal initially announced in early January.
Boardriders bought Billabong for $1.05 per share, or about $162 million, which was a 35 percent premium to Billabong’s share price on the Australian Securities Exchange prior to the tender, the Orange County Business Journal reported.
According to Boardriders, the addition of Billabong creates an action sports company with about 10,000 employees, 7,000-plus wholesale customers in more than 110 countries, owned e-commerce capabilities in 35 countries and more than 630 retail stores in 28 countries, and adds such industry brands as RVCA, Element, VonZipper, Xcel Kustom and Palmers.
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.
“Today marks the beginning of what will be a turning point for our industry,” said Dave Tanner, CEO of Boardriders and former managing director at Oaktree. “With the combination of Boardriders and Billabong, we bring together the best of both companies, creating a dynamic enterprise under the Boardriders umbrella.”
According to a prepared statement, Boardriders “is dedicated to respecting and nurturing the heritage of each of its historic brands. The integration of the companies will be a multi-year process and is being managed by a combination of executives from both companies, empowering their iconic brands and driving growth across the globe.”
The company’s products are sold worldwide in surf, skate and snow shops, proprietary Boardriders stores and other company-owned retail stores, select department stores and through various e- commerce channels.