QuoteSYDNEY (Reuters) - Australian surfwear seller Billabong International Ltd (BBG.AX) agreed to a buyout from its top shareholder and major lender Oaktree Capital Management LP on Friday, in a deal valuing the company at about A$197.7 million ($155 million).
The U.S. private equity firm is betting on cost savings and a pick-up in consumer sentiment with its mid-summer buyout of the struggling firm, allowing it to bring brands such as RVCA, Element and Von Zipper into a portfolio already including Quicksilver, Roxy and DC Shoes.
https://www.reuters.com/article/us-billabong-international-ltd-m-a-board/boardriders-inc-to-buy-australias-billabong-for-about-155-million-idUSKBN1ET2KL
>>Oaktree, along with Capital Management LP, rescued Billabong in 2013 with a refinancing deal
Remember this happening. It seemed like they were completely on their arse at that stage.
It's gotten a lot worse over the last 24 months - here in SA Billabong were seen as a staple brand in the local surf scene, but not so much over the last two years... they are closing stores and dropping local talented surfers! They even dropped the then defending Big Wave World Champ, a South African, Grant Twiggy Baker!
http://www.latimes.com/business/la-fi-quiksilver-pierre-agnes-boardriders-20180130-story.html