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Monday, 17 September 2012
Iconic Australian surfwear brand Rip Curl is up for sale with Bank of America Merrill Lynch confirming it is looking into a partial or full sale of the business.
The surf and ski wear business, based in Torquay, Victoria, is being put on the market by its owners, Doug 'Claw' Warbrick and Brian 'Sing Ding' Singer who founded Rip Curl in 1969.
SmartCompany understands Merrill Lynch is anticipating a sales price of between $480 million to $500 million on the basis of a price that is 10 times the last financial year's earnings before tax of $48 million.
While Rip Curl is a private company, it is likely to have suffered a decline in profits similar to Billabong International, which is also on the market following approaches from private equity firms TPG and Bain Capital.
READ THE FULL ARTICLE . . here.
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