Nike Inc. announced Tuesday it has reached a definitive agreement to sell the Hurley brand to private equity firm Bluestar Alliance LLC. Financial terms of the transaction were not disclosed. The deal is expected to be complete in December.
“We appreciate how Bob and the Hurley team have built Hurley into the world’s most innovative surf brand,” said Michael Spillane, president of categories and product, Nike. “As we drive increasingly more targeted investment and focused growth through Nike’s consumer direct offense, this change in ownership will allow sharper focus and intentional investment in Hurley’s growth potential.”
“We have always admired the Hurley brand as it has maintained its leadership role and premium positioning in the surf world,” said Joey Gabbay, CEO of Bluestar Alliance. “This is a transformative acquisition for Bluestar as Hurley’s international footprint will enhance Bluestar’s reach around the world. We look forward to building upon the existing Hurley network and expanding to additional countries with the deep relationships that already exist within the Bluestar portfolio of brands. We see Hurley continuing to evolve into a 360-degree lifestyle brand, with action sports playing a key role.”