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Huntington Beach Based Quiksilver Sells Rossignol
Quiksilver Huntington Beach California world headquarters
Sign in front of Quiksilver headquarters building in Surf City California

After an eight-month search for a buyer of its Rossignol Group division, Quiksilver Inc. is on its way out of the ski business. The ski company they purchased in March of 2005 for just over $300 million.

The Huntington Beach, Calif.-based board sports brand said Wednesday that it has received a binding offer from Chartreuse & Mont Blanc to purchase Rossignol, the French ski and snowboard firm, for 100 million euros, or $146.7 million at current exchange.

Chartreuse & Mont Blanc is headed by former Rossignol chief executive officer Bruno Cercley and is majority owned by Macquarie Group and supported with a nonvoting minority interest by Jarden Corp.

The waiting in now over. Quiksilver, Inc. today announced that it has received a binding offer for the acquisition of 100% of the Rossignol Group.

The buyers are Chartreuse & Mont Blanc, headed by Bruno Cercley, a former CEO of Rossignol. Chartreuse & Mont Blanc is majority owned by the Macquarie Group, an Australian-based global provider of banking, financial, advisory, investment and funds management. The deal was also supported by a non-voting minority interest by Jarden Corporation, who includes K2 and Volkl in their brand portfolio.

The proposed transaction value is '100 million, comprised of '75 million in cash and a '25 million Seller's Note. Given today's Euro/Dollar exchange rate, that pegs the deal right at $147 million. According to a Quiksilver press release, it is subject to a financing condition and customary working capital adjustment.

Quiksilver plans to use the net proceeds to pay down debt. The proposed transaction includes the sale of the Rossignol, Dynastar, Look, and Lange brands of winter sports equipment and apparel. Once completed, Quiksilver CEO Bob McKnight, hopes to concentrate efforts on core apparel and footwear brands Quiksilver, Roxy and DC.