Boardriders will now own and operate Billabong, RVCA, Element, VonZipper and Xcel.
Under the terms of the acquisition, Billabong and its family of brands (including RVCA, Element, VonZipper and Xcel) will become a part of the Boardriders portfolio.
Dave Tanner, current managing director at Oaktree and chief turnaround officer at Boardriders, will become the chief executive officer. Pierre Agnes, current chief executive officer at Boardriders, will become president of the company. He will also remain as a board member and will lead a significant portion of the merger. Boardriders is also currently in talks with current Billabong chief executive officer Neil Fiske, current chief executive officer, Billabong, to discuss his role in the new company.
Furthermore, both brands will now have a presence in over 110 countries, owned e-commerce capabilities in 35 countries
"Creating one integrated global platform will enable the combined company to enhance its investments in product innovation and quality, digital marketing, consumer engagement and e-commerce, which ultimately will benefit our consumers and strengthen the company and industry,” says Agnes. “With a larger and stronger platform, we see many exciting opportunities for our employees, customers, suppliers and athletes. I am excited and honored to pass the leadership baton to Dave and to continue to partner with him to drive the next phase in the evolution of Boardriders."
The acquisition is expected to close in the first half of 2018.
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