It appears that Quiksilver has found someone on whom to unload their flagging ski company Rossignol. The company is Chartreuse & Mont Blanc and it’s lead by Bruno Cercley a former CEO of Rossignol.
The proposed transaction is valued at EUR100 million, which comprise of EUR75 million in cash and a EUR25 million Seller’s Note. Quicksilver intends to use the net proceeds from the sale to repay existing indebtedness.
Chartreuse & Mont Blanc is mostly owned by Macquarie Group which also owns a minority interest in the Jarden Group (owners of K2 and Adio), according to a story on MarketWatch.
What a stunning business transaction this has been. Here are the numbers: They bought Rossignol in March of 2005 for $320 million. Then sold off the Cleveland Golf portion of the company in November of 2007, for $132.5 million. So, it looks like Quiksilver only lost about $30 million on the deal in a little under three years. Nice work.
[Link: RTT News and MarketWatch]
ALL I CAN SAY IS: FRENCH!!!! Well dine Mr. Frenchman!
Comments on this entry are closed.