ATLANTA — Quiksilver, Inc. has received a binding offer for the acquisition of the Rossignol Group, from Chartreuse & Mont Blanc for 100 million euros (about $147.16 million).
Net proceeds from the sale will be used to repay indebtedness, and Quiksilver will focus on its core apparel and footwear brands Quiksilver, Roxy and DC.
Chartreuse & Mont Blanc is headed by a former CEO of Rossignol, Bruno Cercley, and it is majority-owned by Macquarie Group and supported by a non-voting minority interest by Jarden Corporation. The proposed transaction value is comprised of 75 million euros ($110.35 million) in cash and a 25 million euro ($36.78 million) Seller’s Note.
Expected to close in Fall 2008, the proposed transaction includes the sale of the Rossignol, Dynastar, Look and Lange brands of winter sports equipment and apparel and is consistent with Quiksilver’s intention, announced in January 2008, to sell the Rossignol Group to reduce its exposure to the winter sports equipment manufacturing business.
Said Robert McKnight Jr., chairman, CEO and president of Quiksilver, “This offer is a compelling transaction for Quiksilver and represents the culmination of a thorough sale process. Once completed, we can fully concentrate our efforts on our core apparel and footwear brands Quiksilver, Roxy and DC.”
Chartreuse & Mont Blanc is named after the two mountain ranges that are home to Rossignol’s two key brands.