Quiksilver, Inc. has announced it has received a binding selling offer for its Rossignol Group. The offer was made by Chartreuse & Mont Blanc, owned by the Macquarie banking and investment Group (ASX:MQG) and Jarden Corp. (NYSE:JAH).
The proposed transaction would comprise €75 million in cash and a €25 million Sellers’ note for a total transaction value of €100 million. It would include the sale of the Rossignol, Dynastar, Look and Lange brands of winter sports equipment and apparel, and confirms a previous announcement in January of this year to sell the Rossignol Group to reduce its exposure to the winter sports equipment manufacturing business.
“The offer is a compelling transaction for Quiksilver and represents the culmination of a thorough sale process. Once completed, we can fully concentrate our efforts on our core apparel and footwear brands Quiksilver, Roxy and DC,” said Bob McKnight, Jr., Chairman of the Board, Chief Executive and President of Quiksilver, Inc.
The company has expressed plans to use net proceeds from the transaction, which is expected to close in the fall, to repay any outstanding debts.
News of Rossignol Group comes on the heels of Billabong's Aug. 22 announcement of plans to acquire DaKine Hawaii, Inc.
The proposed transaction would comprise €75 million in cash and a €25 million Sellers’ note for a total transaction value of €100 million. It would include the sale of the Rossignol, Dynastar, Look and Lange brands of winter sports equipment and apparel, and confirms a previous announcement in January of this year to sell the Rossignol Group to reduce its exposure to the winter sports equipment manufacturing business.
“The offer is a compelling transaction for Quiksilver and represents the culmination of a thorough sale process. Once completed, we can fully concentrate our efforts on our core apparel and footwear brands Quiksilver, Roxy and DC,” said Bob McKnight, Jr., Chairman of the Board, Chief Executive and President of Quiksilver, Inc.
The company has expressed plans to use net proceeds from the transaction, which is expected to close in the fall, to repay any outstanding debts.
News of Rossignol Group comes on the heels of Billabong's Aug. 22 announcement of plans to acquire DaKine Hawaii, Inc.
