Boardriders, which operates the Quiksilver, Roxy and DC Shoes brands, has acquired Billabong International Ltd. for $155 million, according to CNBC. The combined company will sell to 7,000 wholesale customers in more than 110 countries, and operate 630 retail stores and 35 e-Commerce sites worldwide.
Boardriders has been in a turnaround mode since February 2016 under the ownership of funds managed by Oaktree Capital Management. According to a company press release, Boardriders has “rationalized its distribution, right-sized its cost structure, rewired its product development platform and invested in a range of growth-enhancing brand, marketing and e-Commerce initiatives.”
When the transaction is complete, Dave Tanner, currently Managing Director at Oaktree and Chief Turnaround Officer for Boardriders, will become CEO of the combined company. Current CEO Pierre Agnes will take the President title, remain a board member and lead a substantial portion of the integration of the two companies.
“Creating one integrated global platform will enable the combined company to enhance its investments in product innovation and quality, digital marketing, consumer engagement and e-Commerce,” said Agnes in a statement. “With a larger and stronger platform, we see many exciting opportunities for our employees, customers, suppliers and athletes.”
The acquisition is expected to be finalized during the first half of 2018, subject to customary closing conditions.