Authentic Brands Group makes binding offer to acquire Boardriders

Authentic Brands Group (ABG), a global brand development, marketing and entertainment platform that owns more than 40 lifestyle, entertainment and media brands, including Reebok, Eddie Bauer, Spyder, Volcom, Airwalk, Nautica, Prince or Sports Illustrated, announced March 31 that it had made a binding offer to acquire Boardriders, the global action sports and lifestyle company, from funds managed by Oaktree Capital Manage. The acquisition would strategically diversify ABG’s portfolio to include some of the most recognized brands in boardsports, including Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper and Honolua.

“As an early believer in the global and commercial appeal of action sports, this brings me back to the roots of my early career,” said Jamie Salter, founder, chairman and CEO of ABG. “Along with the great brands and impressive global reach that will come with this acquisition, we see Boardriders’ potential as a thriving online marketplace under Authentic’s ownership. With Boardriders’ proven retail playbook, we also see tremendous opportunities to accelerate the expansion of its shop-in-shops, branded retail stores, wholesale and e-commerce worldwide.”

Boardriders is a highly diversified global company with operations on multiple continents, including the Americas, Europe, Australia and Asia. The portfolio generates $2.9 billion in annual sales through a global multichannel distribution network of over 500 company-owned retail stores, 7,000 wholesale customers and e-commerce in 35 countries. Additionally, the acquisition would include Surf Dive ’n Ski, a leading lifestyle retailer in Australia with a fleet of more than 80 locations and a robust e-commerce platform.

The acquisition is subject to consultation with certain Boardriders employee representatives, the signing of the definitive agreement and certain standard closing conditions and approvals. If all approvals are obtained, ABG’s acquisition of Boardriders is expected to close in the third quarter of 2023.

BofA Securities and Goldman Sachs are acting as financial advisors, and Latham & Watkins LLP is acting as legal advisor to ABG. Moelis & Company LLC is acting as financial advisor, and Kirkland & Ellis LLP is acting as legal advisor to Boardriders and Oaktree.

(UPDATE April 4) According to subsequent reporting, the purchase price is approximately $1.25 billion. The figure comes from a report from Moody’s Investors Service, which placed Boardriders debt ratings on review for upgrade following the announcement.