New Zealand-based outdoor retailer and brand Kathmandu Holdings Ltd. has agreed to acquire Australian surf brand Rip Curl for A$350 million (US$236 million).

Rip Curl was founded in Bells Beach, Australia, in 1969 by surfer friends Brian Singer and Douglas Warbrick. The company designs, manufactures, wholesales and sells surfing equipment and apparel in Australia, New Zealand, North America, Europe, South East Asia and Brazil.

The acquisition of Rip Curl creates a NZ$1 billion (US$626 million) global outdoor and action sports company “anchored by two iconic Australasian brands and provides the opportunity for Kathmandu to considerably diversify its geographic footprint, channels to market and seasonality profile,” the company said in the release announcing the deal.

Kathmandu in 2018 paid $60 million for U.S. footwear brand Obōz.

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