Boardriders Inc., the apparel, footwear and accessories company whose brands include Quiksilver, Billabong, ROXY, DC Shoes, RVCA, and Element, announced Tuesday that it has sold its Xcel wetsuit brand to Colorado-based ZG Collective. Financial terms of the deal were not disclosed.
The divestment of Xcel is strategically aligned with Boardriders’ recently announced multi-year growth agenda that is driving investment into a number of new growth initiatives across its six primary global brands. Those initiatives are focused on funding its digital business, category extensions, changing go-to-market models, new partnerships, product development speed programs, and sustainability efforts.
David Tanner, Boardriders CEO said, “We’ve done a lot to streamline our company over the last several years, and now are squarely focused on our growth agenda. Although Xcel is a terrific brand, it constitutes less than 1 percent of our global sales, so it just made sense to focus our efforts on growing our larger brands and finding a great home for Xcel. We thank the entire Xcel team for their passion and dedication over the years and wish them the best of luck in this next phase.”
ROTH Capital Partners, LLC served as financial adviser, and K&L Gates served as legal counsel.
Photo courtesy Boardriders/Xcel
