1 October 19
The deal was announced on Tuesday, bringing to an end 50 years of private ownership for Rip Curl. The brand was founded in 1969 by Brian Singer and Doug Warbrick in Torquay, Victoria, where its headquarters remain.
Iconic Australian surf brand Rip Curl has been sold to New Zealand specialist outdoor retailer Kathmandu in a $350 million deal.
Kathmandu, which offers apparel and gear in the travel and adventure segment, operates stores in New Zealand, Australia and Britain.
Rip Curl, which has a presence across Australia, New Zealand, North America, Europe, South East Asia and Brazil, offers surfing-related products including highly technical wetsuits, boardshorts and other accessories.
Rip Curl chief executive officer Michael Daly will continue to lead the firm and will report to Kathmandu CEO Xavier Simonet.
The transaction will be financed through a combination of a fully underwritten 1 for 4 pro-rata accelerated entitlement offer to raise NZ$145 million ($90.80 million) and a placement of about NZ$32 million of new Kathmandu shares to the founders and chief executive of Rip Curl, who will receive a part of the consideration in Kathmandu shares.
"There are strong parallels with both Rip Curl and Kathmandu. Bringing them together will build on our respective strengths across product, marketing and distribution channels,” said Mr Daly.
"It will be a new world for all of us after 50 years of private ownership, and our entire crew would like to thank the Rip Curl Founders for everything they have done for surfing over the years."
More to come
- AUTHOR: ALBY JOSE KOILPAARAMBIL