Investment firm Bluestar Alliance has completed its acquisition of Hurley, the surfwear brand previously owned by Nike.

The deal was announced at the end of October, with B.Riley Financial joining Bluestar Alliance as an investor in the brand

Nike had acquired Hurley from founder Bob Hurley in 2002 in an effort to expand beyond athletic-focused apparel and into other sportswear for surfing, skating and snowboarding. But it says the change in ownership will allow sharper focus and intentional investment in Hurley's growth potential.

For its part, Nike is aiming for more targeted investment and focused growth through its Consumer Direct Offense.

Commenting on the acquisition, Joseph Gabbay, CEO of Bluestar Alliance, says: "Bluestar is a premier brand management and marketing company and Hurley is a pinnacle asset with a long runway of growth ahead. As surf culture resonates throughout pop culture and its influence is felt across fashion, music and more, we see the opportunity for global organic brand extensions and partnerships."