Nixon co-foundersChad DiNenna andAndy Laats are smiling today as they find themselves back on the list of company owners after a deal announced today which valued the company at US$464 million.
Billabong has entered into definitive agreements with Trilantic Capital Partners (“TCP”) to establish a joint venture to accelerate the growth of the Nixon brand globally. . . Billabong and Trilantic will each hold approximately 48.5% of Nixon, a leading brand in the global youth accessory market, and management will purchase the remaining 3.0% stake. . . Billabong expects to realise net proceeds of approximately US$285 million1 as a result of this transaction, all of which will be used to repay debt.
In other words, Billabong sold half of Nixon to a private equity fund to raise cash. But, Laats and DiNenna will stay on as CEO and EVP of Marketing (and own three percent of the company) so everything is as it should be, it appears. One question: does this mean Nixon could have two different private equity firms as owners? That could get interesting.
For more official details on the deal follow the jump. [Photo: Todd Richards] [click to continue…]
Trading was halted today (Thursday, February 16, 2012) on shares of Billabong “pending an announcement on the strategic capital structure review,” according to a story on Bloomberg.
The company, which is due to report earnings for the six months ended Dec. 31 tomorrow, didn’t mention the Australian Financial Review report or say whether it received an approach. . . John Mossop, a spokesman for Billabong, said he couldn’t comment beyond the statement. A Sydney-based spokeswoman for TPG declined to comment.
Looks like there may finally be a trade show aisle-walking alternative the Nike Free as Supra rolls out the Owen their “first lightweight running shoe.”
[The Owen] features an ultra soft, blown EVA SUPRAFOAM® midsole. A synthetic mesh upper with microfiber reinforcements reduces weight and improves breathability. The rubber pads on the contact areas offer traction and even distribution of impact across the sole. Strong, durable, looped nylon webbing is used for the lace stays and heel pull tab, and in conjunction with rope laces, makes for quick and easy cinching.
The offer, said to be worth at least $3 a share, was reportedly presented to Billabong chairman Ted Kunkel this week, and would offer a premium of about 70 per cent to the stock’s last close of $1.79. . . The offer was believed to have been made by US private equity giant TPG. Private equity firms have of late targeted Pacific Brands, Spotless and PaperlinX.
The board reflects a sleek design, common to both Penny Skateboards and The Hundreds, featuring a black body and multi-colored “CMYK” themed wheels; It’s a unique twist on one of the most beloved boards in the world of skateboarding. The board can also conveniently fit inside The Hundreds Jon Backpack. This is Penny’s first collaboration with anyone – Producing only 400 boards they will be available at fine retail skate shops across the globe as well as The Hundreds’ flagship stores in Los Angeles, San Francisco and New York.
If you’re going to roll a Penny, this is probably the one you need.
The Sydney Morning Herald is quoting “sources close” to Billabong as saying that CEO Derek O’Neill will be “removed as CEO” soon thanks to “declining sales and rising debt,” but officially the company is denying that.
Billabong last night moved to quash rumors that embattled chief executive Derek O’Neill would soon be dumped by the board, amid growing concern among major investors about the surf wear company’s performance. . . Billabong chairman Ted Kunkel said last night: ”I categorically deny the suggestion.”
We’re going out on a limb to say that we think the board will do whatever they think is best for the stock.
Yesterday, we got to make a few laps with Burton’s Dave Downing and checked out the the new Anon M1 goggles with “Magna-Tech.” In the past swapping lenses usually resulted in fogged, smudged, and maybe even cracked lenses. We usually just get another pair of goggles before we swap out lenses. Those days are over with the M1. Magnets snap the lenses right into place just like that. . . rad.
Vans has now officially released what they are calling “skateboarding’s first-ever vulcanized cupsole shoe design.” And from what we’ve seen of this Andrew Allen model, the “wafflecups” are looking good. Here’s what Vans says:
Developed in four testing stages with Vans team riders Gilbert Crockett, Chima Ferguson, Andrew Allen and Chris Pfanner, the Stage 4 Low and Mid styles are the first to offer Vans’ revolutionary WAFFLECUP technology. WAFFLECUP combines the best of cup sole with its increased support and durability and the superior board feel and grip found in a traditional Vans vulcanized shoe. Simply, the best of both worlds.
A high-end Swiss watch company might be the last thing you’d think to find in the middle of the C3 Worldwide brand stable, but this past December the company became the North American partner of Home.
“I spent my first ten years working for Swatch,” reminds C3 president and CEO Bob Gundram. “I retained a lot of those contacts through my career. When I was introduced to Swiss brothers Jak and Eddie Doose last year and saw their ideas for Home, I knew we could help them out in North America.”
The company aims to differentiate itself with its Swiss heritage and high–end materials like Swiss quartz, stainless steel, and even anodized aluminum. With price points starting at $300 and topping out around $700 they aren’t exactly for the faint of heart, but the oversized styling makes them a great statement piece. Supported by team riders Travis Rice, Gigi Rüf, and Mark Sollors, Home is gaining traction fast.
Tomorrow night, (Saturday, January 27, 2012) Praxis Footwear will celebrate its official launch party in San Francisco, California at Gallery 1307.
Karl Watson is the lead skate personality and foundation for marketing of the Praxis brand. The Praxis Launch Party is brought to you in conjunction with the following co-sponsors: Organika Skateboards, FTC, Tech Vector design, Foundry Supply and Creative Edge Public Relations. Live music for the event includes DJ DSharp and Atlas.
Nixon co-founders Chad DiNenna and Andy Laats are smiling today as they find themselves back on the list of company owners after a deal announced today which valued the company at US$464 million.
