Well, there goes the surf clothing industry. Rip Curl Group Pty. is now reportedly looking for someone who will trade them A$500 million for the brand, according to a story on Bloomberg Businessweek.
The closely held Australian company has hired Bank of America Corp.’s Merrill Lynch unit and is seeking about 10 times its projected A$48 million 2013 earnings before interest, tax, depreciation and amortization, the person said, asking not to be identified before a public announcement by Rip Curl. Merrill Lynch is assessing “unsolicited approaches” for the company, Rip Curl said in a statement today.
Sound great. It’s such a sellers market in the surf fashion industry right now.
[Link: Bloomberg Businessweek]
barf.
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