The US fashion and media group Authentic Brands Group LLC (ABG) is aiming for the next spectacular acquisition in the sportswear sector. On Friday, the company said it had made a “binding offer” to acquire Boardriders. The group thus confirmed corresponding media reports.
ABG is currently in “exclusive negotiations” to acquire the group of companies, which includes well-known brands such as Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper and Honolua. Boardriders is currently owned by multiple funds managed by financial investor Oaktree Capital Management LP.
The acquisition is expected to be completed in the third quarter
According to a statement, the aim is to complete the acquisition in the third quarter of the current year. Consultations with representatives of Boardriders employees are still ongoing, and the signing of a final purchase agreement and the usual approvals under competition law are still pending, explained ABG. Financial details of the proposed transaction were not released.
According to the potential buyer, Boardriders most recently generated annual retail sales of $2.9 billion (€2.7 billion). The group of companies, which specializes in board sports needs, operates more than 500 stores worldwide and is represented in over 35 countries with its e-commerce platforms. In addition, the group brands have more than 7,000 wholesale customers. According to ABG, it also intends to acquire the Australian retail chain “Surf Dive ‘n Ski” as part of the transaction.
Jamie Salter, CEO of ABG, explained the background to the acquisition plans: “In addition to the great brands and impressive global reach that come with this acquisition, we see great potential for Boardriders as a successful online marketplace under Authentic’s leadership,” stated him in a statement.