Boardriders Acquisition Of Billabong International Completed

HUNTINGTON BEACH, CA — Billabong's shareholders voted yes, and now the surf industry's largest competitors will be working together. In an announcement longtime coming, Huntington Beach-based Boardriders Inc., owner of the brands Quiksilver, Roxy and DC Shoes, has completed the acquisition of Billabong International Ltd.. The deal between rival brands was first officially announced in January, though rumblings began in December of 2017.

According to the Orange County Business Journal, Boardriders bought Billabong for $1.05 per share, or about $162 million, which was a 35 percent premium to Billabong's share price on the Australian Securities Exchange prior to the tender.

The addition of Billabong to the Boardriders Inc. creates an action sports company with about 10,000 employees. They have added renowned brands as RVCA, Element, VonZipper, Xcel Kustom and Palmers to their umbrella, according to Boardriders, Inc. Together, they will serve over 7,000 wholesale clients in over 100 countries and over 625 retail stores, according to the Orange County Business Journal.

Boardriders changed its name from Quiksilver Inc. in March 2017 as part of its turnaround since emerging from bankruptcy in February 2016 under the ownership of Oaktree Capital Management, L.P.

"Today marks the beginning of what will be a turning point for our industry," said Dave Tanner, CEO of Boardriders and former managing director at Oaktree. "With the combination of Boardriders and Billabong, we bring together the best of both companies, creating a dynamic enterprise under the Boardriders umbrella."

Boardriders stated that they will respect and nurture the heritage of each of its historic brands.

"The integration of the companies will be a multi-year process and is being managed by a combination of executives from both companies, empowering their iconic brands and driving growth across the globe," they said in a statement.

The company's products are sold worldwide in surf, skate and snow shops, proprietary Boardriders stores and other company-owned retail stores, select department stores and through various e- commerce channels.

Changes in the organization of Boardriders leadership team include Greg Healy, who will remain Global President and President of APAC and Shannan North, who will be Global President, Billabong and Retail Strategies, according to a press release from Boardriders.

Dave Tanner, Chief Executive Officer of Boardriders, shared the following appointments which take effect after the closing of the Billabong transaction in that release:

• Greg Healy, Global President, President APAC, Board of Directors responsibilities
• Shannan North, Global President, Billabong and Retail Strategy, Board of Directors responsibilities
• Joe Scirocco, Chief Financial Officer
• Thomas Chambolle, President EMEA
• Jean-Louis Rodrigues, General Manager Wholesale EMEA
• Nate Smith, President Americas
• Dan Levine, Chief Brand Officer
• Garry Wall, Global General Manager Quiksilver
• Emilie Souvras, Global General Manager Roxy
• Mike Jensen, Global General Manager DC Shoes
• Kevin Meehan, Global General Manager RVCA
• David Brooks, Global General Manager Element
• Ilene Eskenazi, Chief Human Resources Officer and Global General Counsel
• Julie Ott, Chief Operating Officer
• Mike Yerkes, Chief Logistics Officer
• Nico Foulet, Chief Information Officer
• Sonia Lapinsky, Chief Integration Officer

“Our new leadership team is a combination of seasoned global talent from Boardriders, Billabong and from outside the organization. This team will lead the integration of two great companies, creating the world’s leading action sports company," Taner said in the release. "I am particularly excited to announce the elevations of Greg Healy and Shannan North, who bring significant industry experience and will be instrumental in leading our global growth with their new Board responsibilities."

Photo Credit: Damien Poullenot/WSL/REX/Shutterstock: Billabong Pipe Masters 2017, Hawaii, USA - 18 Dec 2017 John John Florence (HAW) placed 2nd in the Final of the Billabong Pipe Masters 2017 in Pipe, Oahu, Hawaii, USA