Quiksilver, Inc. closed the sale of the “Rossignol Group” to Chartreuse & Mont Blanc. The transaction resulted from Quiksilvers 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 Nov. 12, 2008, carried a transaction value of 40 million ($50.8 mm), comprised of 30 million ($38.1 mm) in cash and a 10 million ($12.7 mm) Sellers Note. Net proceeds will be used to reduce indebtedness.
Robert B. McKnight, Jr., chairman of the Board, CEO and president of Quiksilver, Inc., commented, “The completion of this sale represents the culmination of our efforts to eliminate our exposure to hardgoods manufacturing. Were 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.
