by The Editors on April 16, 2014
Mervin Manufacturing, the snowboard company formerly owned by Quiksilver and sold to Altamont Capital Partners (owners of Dakine) last fall, has cut a full 20 percent of its staff according to a story in the Sequim Gazette. The employees were notified on March 30, 2014.
Pete Saari, co-founder of the Carlsborg factory-based company, confirmed that they restructured and cut 20 percent of their staff in late March after shifting from a public to a private business model in November 2013. . . “As part of a larger restructuring initiated by our return to a privately held business model we have renewed our commitment to a healthy build-to-order-manufacturing strategy,” Saari said. “An unfortunate result of this was a one-time adjustment to our staffing in our Carlsborg manufacturing facility.”
Most of the employees who were cut were described as “weekend employees of the snowboard division.” Just one more page in the seemingly unending story of Pete Saari and Mike Olson’s constantly evolving snowboard company. Yet still, those two remain. Thankfully.
[Link: Sequim Gazette]
by The Editors on October 23, 2013
Mike Olson and Pete Saari (pictured right), the co-founders of Mervin Manufacturing, once again have new owners to stun and amaze as Quiksilver announced today that it had sold their Washington State based snowboard and surfboard manufacturing company to Extreme Holdings, Inc. “an entity advised by Altamont Capital Partners.”
Steve Brownlie, Principal at Altamont, said, “Mervin Manufacturing represents an opportunity to invest in a special company with two of the industry’s finest action sports brands in Lib Tech and GNU along with a passionate team, including first-rate leadership in Ryan, Mike and Pete. We look forward to building on Mervin’s strong brand position of authenticity, premium products and service and its history of driving innovation that advances the sports of snowboarding, skiing, skateboarding and surfing.”
And yeah, Altamont is the private equity firm that wanted to buy Billabong and did buy Dakine in July 2013. This should be interesting. For the official word from Quik, follow the jump. [click to continue…]
by The Editors on June 25, 2013
Billabong’s potential sale of RVCA, Element, or Dakine apparently has investors feeling more positive about the company according to a story on Bloomberg.com.
Shares in the company, which has breached debt repayment terms, surged as much as 35 percent following the statement to the Australian stock exchange and were 31 percent higher at 17 Australian cents at 2:49 p.m. in Sydney.
It’s sad when a 30 percent “surge” takes a stock to 17 cents, but good news is good news. The cause of the surge was a company update (which you can read after the jump) in which Billabong said that it has “entered into separate discussions with Altamont Capital Partners and Sycamore Partners regarding proposals presented to the Company for alternative refinancing and asset sale transactions.”
Guess the big question now is who will get what? [click to continue…]
by The Editors on May 23, 2013
Every surfer needs someone whose looking out for them and Sebastian Zietz just went with about as big a someone as a surfer can get by signing with Octagon. There he will join other athletes like Michael Phelps, Apolo Anto Ono, Alana Blanchard, Mitchie Brusco, and Jamie Anderson just to name a few.
“Seabass is one of the top young surfers in the sport who carries movie-star charisma that is fresh and appealing to fans and sponsors,” said Amen Teter, Octagon’s Action Sports Director. “The sky is the limit for Seabass. He has the talent to compete and win big events on the ASP World Tour and a personality to match. We are excited about the opportunities to expand his profile.”
We’re sure they are and now Seabass has Amen Teter to reach out to sponsors and say, “Pay me.” For the official word from Octagon, follow the jump.
[click to continue…]
by The Editors on March 5, 2013
For the past seven years, Academy Snowboards has been shutting down the NorCal season properly with Camp Academy at Boreal Mountain Resort. Here’s what they’re saying about it.
“Camp Academy” will be hitting Boreal Mountain in Tahoe this April 13-14, 2013 for our biggest year yet! Academy Snowboards team riders and friends will be on site to coach and inspire the next generation of shredders during the 2-day camp! The $199 registration fee covers (2) lift tickets, lunch for both days, private seasoning and instructions by the Academy Snowboards team, a camp t-shirt, tips on waxing and board maintenance, and over $75 worth of goodies from 686, Vans, Neff, Airblaster, Snowboarder Magazine, Dakine, EFX, Capix, Yobeat, Superfeet, and Skullcandy for each camper. And, some lucky campers will be walking away with big prizes like GoPro Cameras, Arnette Goggles, Flux Bindings, and Nixon Watches!
Sounds like a good way to end the season. For more info, click the link.
[Link: Academy Snowboards]
by The Editors on October 11, 2012
Looks like TPG, the fund that many felt was Billabong’s only hope, has withdrawn its offer, according to story in the Sydney Morning Herald.
The proposal has been withdrawn and talks have ceased, Billabong said in a statement this morning.. . The withdrawal of the bid is likely to put further pressure on Billabong’s shares as the firm struggles with a weakening retail outlook in. . . Shares in the company, which traded at nearly $12 in 2010 and fell as much as a quarter last week after TPG first raised concerned, opened 1 cent, or 1 per cent, higher at $1.005 this morning.
So this means, after taking a really close look at the company TPG decided that they weren’t interested in pursuing what many felt was a low ball offer. Guess it’s time for Launa Inman to get to work with new board chairman Dr. Ian Pollard and turn the slogging Billabong ship around and point it toward the channel before it gets washed up on the rocks.
Follow the jump for the official Billabong press release. [click to continue…]
by The Editors on September 6, 2012
Billabong announced yesterday (September 5, 2012) that they have received an “indicative, non-binding and conditional proposal from another party interested in acquiring all of the shares in the company and which states “we currently propose a cash consideration value of around $1.45 per share.”” This is in addition to the previous offer for about the same price made by TPG International, LLC.
Due to a “confidentiality agreement” Billabong won’t say who made the offer, however, Bloomberg Businessweek claims that “people familiar with the matter” say the new bidder is the Boston, Massachusetts based Bain Capital (hello Mitt Romney). This is apparently being seen as good news.
“It’s great news for shareholders of Billabong because it adds pricing tension,’ said Tim Montague-Jones, senior equity analyst at Morningstar Inc. (MORN) ‘‘The probability is quite high that a higher offer could come through. A deal could get done.” . . Shares of Billabong rose 7.5 percent to A$1.365 at the close of Sydney trading, the biggest daily gain since July 24, and swelling the company’s market value to A$654 million.
Bain Capital Private Equity is involved in dozens of companies including Bombardier, Burlington Coats, Domino’s Pizza Japan, Dunkin’ Donuts, Guitar Center, and many, many more. For the official word from Billabong, follow the jump. [click to continue…]
by The Editors on April 17, 2012
Billabong has officially closed on the sale of controlling interest in Nixon to Trilantic Capital Partners, according to a story in The Australian.
The company said it needed the cash from the sale to clean up its balance sheet, and halve its debt from $525.6m to about $250m. . . Billabong’s largest shareholder, Perennial Investment Partners, criticised the company for selling one of its best-performing assets, while another private equity group, TPG Capital, made a $765m takeover offer for the company on the condition that it not sell the Nixon stake.
All that and they still have $250 million in debt to go. Hmm, wonder how much Billabong could get for Dakine?
[Link: The Australian]
by The Editors on April 2, 2012
Kelly Canyon, Idaho’s Jessika Jenson took $5,000 and the 2012 Billabong Flaunt It slopestyle finals at Sierra At Tahoe on Sunday, April 1, 2012. Breanna Strangeland took $700 in the rail jam.
Jenson locked down a switch 270 onto the gap-to down box, followed by a switch board slide 270 off the pole jam, to a cab 540 and finishing off with a big backside 540 off the final 50-foot jump. Jenson was followed by Lynn Neil from Jackson Hole, Wyoming in second place and California’s Rel Friedman in third place.
For the official word and full results from Billabong follow the jump. [click to continue…]
by The Editors on February 22, 2012
Snowboarder Eric Jackson has a new accessories sponsor now that he’s signed up with Los Angeles electronics covering company Hex.
“Practically everybody who sees my iPhone asks me where I got the case, not to mention the nano® watchbands and bags which completely blow them away,” said Eric. “It feels so good to be a part of a brand that supports me and makes such fresh products…the sky’s the limit!”
Now that he mentions it, those cases are pretty cool. . . follow the jump for the official word. [click to continue…]
Mervin Manufacturing, the snowboard company formerly owned by Quiksilver and sold to Altamont Capital Partners (owners of Dakine) last fall, has cut a full 20 percent of its staff according to a story in the Sequim Gazette. The employees were notified on March 30, 2014.
