After months of speculation, and last month’s acquisition approach, Quiksilver’s parent company (Boardriders Inc) has now completed the purchase of Billabong International Ltd. The move now brings Quiksilver, Roxy & DC under the same umbrella as Billabong, RVCA, Element, VonZipper & Xcel, with all funds managed by Oaktree Capital Management, L.P. Boardriders will purchase the renaming shares in Billabong for A$1 per share, a 28% hike compared to the closing share price of A$0.78 on November 30, when the acquisition approach was announced. Billabong’s shares were trading at A$0.97 at the time of this announcement, valuing the acquisition price of Billabong at A$380m ($298.8m).
MD of Oaktree, Dave Tanner will transition from his current position of Chief Turnaround Officer for Boardriders and will now take up responsibility as CEO of the company. Pierre Agnes moves over to the position of President and will also remain a board member and “lead a substantial portion of the integration of the two companies,” according to the company statement.
Sharing all back office operations, the two companies have now formed an action sports super group, and President Agnes says: “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, which ultimately will benefit our consumers and strengthen the company and industry. With a larger and stronger platform, we see many exciting opportunities for our employees, customers, suppliers, and athletes. I am excited and honored to pass the leadership baton to Dave and to continue to partner with him to drive the next phase in the evolution of Boardriders.”
Boardriders sang Billabong president Neil Fiske’s praises and hope he will be a part of the two companies going forward: “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,” says Matt Wilson, Chairman of Boardriders and Managing Director and Co-Portfolio Manager at Oaktree.