Australian-born brands Quiksilver, Billabong and Roxy have been snapped up by global brand management company Authentic Brands Group.
Authentic Brands Group has entered into a period of exclusivity and made a binding offer to purchase their parent company Boardriders, from funds managed by Oaktree Capital Management.
Boardriders is a globally operated enterprise, with markets in the Americas, Europe, Australia and Asia. Its portfolio reportedly generates US$2.9 billion in retail sales annually through a global multichannel distribution network of 500-plus owned retail stores, 7,000 wholesale accounts and e-commerce in 35 countries.
The acquisition also includes Australian swimwear brand Surf Dive ‘n Ski, a subsidiary of the Billabong brand, with products sold across 80 retail locations and online. In addition to Quiksilver, Billabong, and Roxy, Boardriders also owns brands such as RVCA, DC Shoes, Element, VonZipper and Honolua.
The acquisition is expected to increase its systemwide annual retail sales to more than $27.6 billion and retail footprint to more than 11,100-plus freestanding stores and shop-in-shops globally.
Authentic Brands Group manages more than 40 fashion and lifestyle brands such as Nautica, Nine West, Forever 21, Reebok and Van Heusen.
“As an early believer in the global and commercial appeal of action sports, this brings me back to the roots of my early career,” Authentic founder, chairman and CEO Jamie Salter said. “Along with the great brands and impressive global reach that will come with this acquisition, we see Boardriders’ potential as a thriving online marketplace under Authentic’s ownership.
“With Boardriders’ proven retail playbook, we also see tremendous opportunities to accelerate the expansion of its shop-in-shops, branded retail stores, wholesale and e-commerce worldwide.”
Boardriders CEO Arne Arens said the deal would accelerate growth for its porfolio of brands.
“Under Authentic’s ownership, Boardriders will be uniquely positioned to expand the reach of our iconic brands to millions of consumers, capture market share in our core categories and grow white spaces, including premium athleisure, training and lifestyle,” Arens said.
The acquisition is subject to the consultation of certain Boardriders employee representatives, the signing of the definitive agreement and certain standard closing conditions and approvals.
In the event that all approvals are secured, Authentic’s acquisition of Boardriders would be expected to be finalized in Q3 2023.
BofA Securities and Goldman Sachs are acting as financial advisors and Latham & Watkins LLP is acting as legal advisor to Authentic.
Moelis & Company LLC is acting as a financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Boardriders and Oaktree.