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Quiksilver to focus on core apparel & footwear brands
17
Nov '08
Quiksilver Inc announced that it had closed the sale of the “Rossignol Group” to Chartreuse & Mont Blanc. The transaction resulted from Quiksilver's initiative, announced in January 2008, to sell Rossignol in order to reduce its exposure to the winter sports equipment manufacturing business. The sale, which was effective as of November 12, 2008, carried a transaction value of €40 million, comprised of €30 million in cash and a €10 million Seller's Note. Net proceeds will be used to reduce indebtedness.

Robert B. McKnight, Jr., Chairman of the Board, Chief Executive and President of Quiksilver, Inc., commented, “The completion of this sale represents the culmination of our efforts to eliminate our exposure to hardgoods manufacturing. We're delighted that we can now return to our roots, do what we do best and once again fully concentrate our efforts on our core apparel and footwear brands Quiksilver, Roxy and DC.”

In December 2007, Quiksilver sold the Roger Cleveland Golf Company to SRI Sports Limited in a transaction valued at $132.5 million. The “Rossignol Group” included Roger Cleveland Golf when Quiksilver acquired it in July 2005.

Quiksilver Inc was advised by JPMorgan on both sale transactions.

Quiksilver Inc is the world's leading outdoor sports lifestyle company, which designs, produces and distributes a diversified mix of branded apparel, footwear, accessories and related products. The Company's apparel and footwear brands represent a casual lifestyle for young-minded people that connect with its boardriding culture and heritage.

The reputation of Quiksilver's brands is based on different outdoor sports. The Company's Quiksilver, Roxy, DC and Hawk brands are synonymous with the heritage and culture of surfing, skateboarding and snowboarding, and its beach and water oriented swimwear brands include Raisins, Radio Fiji and Leilani.

Quiksilver


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