ABG said it entered into a period of exclusivity after making the offer for global action sports and lifestyle company Boardriders from funds managed by Oaktree Capital Management.
The acquisition is subject to the consultation of certain Boardriders employee representatives, the signing of the definitive agreement and certain standard closing conditions and approvals, stated the brand.
Once all approvals are secured, the acquisition is expected to be finalised in the third quarter of 2023. Through this acquisition, Authentic would strategically diversify and expand its portfolio with the addition of the most iconic brands in board sports, including Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper and Honolua.
Jamie Salter, founder, chairman and CEO of ABG, explains: “Along with the great brands and impressive global reach that will come with this acquisition, we see Boardriders’ potential as a thriving online marketplace under Authentic’s ownership. With Boardriders’ proven retail playbook, we also see tremendous opportunities to accelerate the expansion of its shop-in-shops, branded retail stores, wholesale and e-commerce worldwide.”
Boardriders’ diversified global business, with operations across continents, generates US$2.9bn in retail sales annually. The brand has a global multichannel distribution network of 500-plus owned retail stores, 7000 wholesale accounts and e-commerce in 35 countries.
Arne Arens, CEO of Boardriders, said: “Under Authentic’s ownership, Boardriders will be uniquely positioned to expand the reach of our iconic brands to millions of consumers, capture market share in our core categories and grow white spaces, including premium athleisure, training and lifestyle.”
Additionally, the acquisition would include Surf Dive ‘n Ski, a lifestyle retailer in Australia with a fleet of more than 80 locations and an e-commerce platform.
BofA Securities and Goldman Sachs are acting as financial advisors, while Latham & Watkins LLP is acting as legal advisor to Authentic. Moelis & Company LLC is acting as a financial advisor and Kirkland & Ellis LLP is acting as a legal advisor to Boardriders and Oaktree.