Australian surf brand Rip Curl has been sold for $ 350 million to outdoor retailer Kathmandu in New Zealand
- The Australian surf brand Rip Curl has been sold to Kiwi Kathmandu outdoor retailer
- Brian Singer and Doug & # 39; Claw & # 39; Warbrick started the company in Victoria in 1969
- Kathmandu announced the $ 350 million to the Australian Securities Exchange
The founders of Rip Curl have sold their Australian surf brand to the New Zealand camping group Kathmandu for $ 350 million.
Brian Singer and Doug & # 39; Claw & # 39; Warbrick have announced that they have sold the company they started as friends 50 years ago on the Victorian surf coast in Bells Beach, near Torquay.
Kathmandu, headquartered in Christchurch, buys 100 percent of Rip Curl for $ 350 million, it told the Australian Securities Exchange on Tuesday morning.
The acquisition will create an outdoor recreation company of $ 1 billion.
Rip Curl designs, produces and sells surf gear and clothing in Australia, New Zealand, North America, Europe, Southeast Asia and Brazil.
The deal also means that Australia's famous surf brands will no longer be Australian-owned, with Billabong last year being taken over by US private equity company Oaktree Capital Management.
Rip Curl CEO Michael Daly said the Kathmandu acquisition would end a long private ownership era that began in 1969.
& # 39; It will be a new world for all of us after 50 years of private ownership, and our entire crew would like to thank the founders of Rip Curl for all they have done in recent years to surf, & # 39; he said.
& # 39; Professionally, my team and I are excited about the opportunities this offers and we look forward to becoming a member of Kathmandu and maintaining our vision that we are considered the ultimate surfing company in everything we do. & # 39;
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