Popular surfwear brands Quiksilver, Roxy and Billabong will soon be under the same roof.
Huntington Beach active apparel firm Boardriders Inc. said Thursday it would acquire all shares of Australia-based Billabong International Ltd. in an all-cash deal that would create an action sports company with a number of active apparel brands.
Boardriders, which until March was known as Quiksilver Inc., owns the Quiksilver, Roxy and DC Shoes brands. Billabong is known for its namesake brand, as well as RVCA, Element and Xcel.
Including the assumption of debt, the deal is valued at $315 million, according to a person familiar with the situation who was not authorized to discuss it.
The deal, which is still subject to shareholder, court and regulatory approval, is expected to close in the first half of this year.
After the deal closes, Dave Tanner, managing director at Oaktree Capital Management and chief turnaround officer for Boardriders, will become the company's chief executive. Boardriders' current chief executive, Pierre Agnes, will be company president and will "lead a substantial portion of the integration of the two companies," according to a Boardriders statement.
Tanner said in a statement that Boardriders was "committed to preserving the autonomy, creativity, and unique cultures of all the brands while we leverage our best-in-class operating platform to accelerate the growth of the brands globally."