After making a binding offer for the group in late March, Authentic Brands Group announced that it has entered the “next phase” of its acquisition of Boardriders, the owner of the Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper and Honolua brands, with the signing of a definitive agreement.
“We are thrilled to have completed the next phase of the Boardriders acquisition process,” Jamie Salter, the Authentic founder, chair and CEO, said in a press release. “The Boardriders brands are at the forefront of a growing consumer demand for authentic brand experiences, and we look forward to working with the management team to further unlock each brand’s rich heritage and reinforce their positions as leading consumer brands worldwide.”
It appears Authentic intends to take a similar approach to brand building as it has with previous acquisitions, including Reebok. The company is reportedly already in discussions with several existing and new operators in some markets to which it can outsource oversight of manufacturing and distribution, including retail store operations and e-commerce, as well as the management and growth of more than 7,000 wholesale customers. The acquisition includes more than 500 company-owned retail stores worldwide for its various brands, which are expected to be transferred to licensees in each country. Authentic also said it will work to develop a boardriders online marketplace.
There is no official confirmation of the purchase price, which has been reported to total $1.25 billion. The acquisition is subject to certain standard closing conditions, including regulatory approval, and is expected to be finalized in Q3 2023.
