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
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.