In one fell swoop, the entire surf industrial complex has disappeared from the world. Poof! All the stories, all the late-night parking lot parties and premieres, and all the dreams of kids from the dusty streets of middle America who longed to reach for the beach. Today, Jamie Salter’s oxymoronically named Authentic Brand Group has agreed to buy Boardriders (Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper, Surf Dive & Ski, and Honolua) from Oaktree Capital for a reported $1.28 billion, according to stories in the Chain Store Age and the Australian Financial Review. Here’s how Mr. Salter spins it:
Along with the great brands and impressive global reach that will come with this acquisition, we see Boardriders’ potential as a thriving online marketplace under Authentic’s ownership,” said Jamie Salter, founder, chairman and CEO of Authentic, whose brands include Reebok, Eddie Bauer, Nautica and many more. “With Boardriders’ proven retail playbook, we also see tremendous opportunities to accelerate the expansion of its shop-in-shops, branded retail stores, wholesale and e-commerce worldwide.”
By far the funniest quote is from Boardriders CEO Arne Arens:
We are proud of our deep connection to the global action sports community, industry-leading brands and world-class teams,” said Arne Arens, CEO of Boardriders. “Under Authentic’s ownership, Boardriders will be uniquely positioned to expand the reach of our iconic brands to millions of consumers, capture market share in our core categories and grow white spaces, including premium athleisure, training and lifestyle.”
We know Mr. Arens has to say this, but does anyone really believe it? We don’t. In the meantime, make sure you buy from. . . well, authentically authentic action sports brands that are privately owned and funded. If you know of any, please help us out and leave them in the comments.
[Link: Chain Store Age and Australian Financial Review]
