Branded apparel maker Quiksilver completes acquisition of Rossignol
27 Jul '05
4 min read
Clothing & accessories producer Quiksilver Inc announced it has successfully completed its previously announced acquisition of Skis Rossignol S.A., the world leader in alpine ski equipment.
Quiksilver now owns directly or indirectly approximately 94% of Rossignol, with over 95% of the voting rights, and anticipates acquiring additional shares through a second tender offer period that opened yesterday, which would be followed by a mandatory squeeze out if an additional 1% is acquired.
Rossignol owns and operates a diversified portfolio of premier brands including Rossignol, Dynastar, Lange and Look in winter sports, as well as Cleveland Golf. Rossignol's revenues totaled approximately $589 million for the twelve months ended March 31, 2005.
The combination of Quiksilver and Rossignol creates a global leader in the outdoor sports market, generating annual sales of apparel, wintersports equipment, golf equipment, shoes and accessories totaling approximately $2 billion on a pro forma basis for the twelve months ended April 30, 2005.
Quiksilver continues to believe that the acquisition will be accretive to earnings per share by approximately $0.02 to $0.03 in its fiscal year ending October 31, 2005.
Robert B. McKnight Jr., Chairman of the Board and Chief Executive Officer of Quiksilver Inc, commented, "This is an incredibly exciting day for both Quiksilver and Rossignol."
They have joined together a stable of strong, authentic, lifestyle brands that extend across multiple product categories in the outdoor market and reach millions of consumers around the world. Rossignol has been a leading alpine brand for decades and benefits from a tremendous heritage.