Billabong CEO departs as part of restructuring d - sportstextiles: Lea SportsTextiles

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Billabong CEO departs as part of restructuring deal

16/07/2013
US-based private equity firm Altamont Capital Partners has bought Dakine, an action sports accessories company, from Billabong for $64.5 million as part of a deal to restructure the Australian brand’s debt.

The $359 million refinancing deal sees chief executive Laura Inman step down to be replaced by Scott Olivet, a former chairman and chief executive of Oakley who has also worked for Nike.

Dakine was founded in 1979 in Hawaii, is based Oregon. It formed its reputation in specialised backpacks, gloves, bags and technical accessories and has expanded to serve the snowboard, ski, surf, skate, bike and kite communities.

Steve Brownlie, principal at Altamont, said: "Dakine has a high quality brand, strong track record, and long history in the markets it serves – all of the qualities we look for in a consumer business."

Billabong has been struggling since 2011 as its brands fell out of favour. The company has sold assets, closed stores and has seen a number of takeover proposals fall through.

Proceeds from the deal will be used to repay its existing syndicated debt facilities in full.






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Billabong posts first profit since 2011 28/08/2015
Billabong returns to profit after three years of losses 27/02/2015
Billabong turnaround focuses on omni-channel 04/06/2014
Billabong finalises executive team 06/05/2014

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