Quiksilver, Inc. has closed the sale of Roger Cleveland Golf Company, Inc. to SRI Sports Limited. The transaction resulted from Quiksilver’s initiative, first announced in June 2007, to reduce its exposure to hardgoods manufacturing. The sale, which was effective as of December 10, 2007, carried a transaction value of $132.5 million, with net proceeds to Quiksilver, Inc. of approximately $105 million. Proceeds from the sale will be used to reduce indebtedness.
Quiksilver, Inc. was advised by JPMorgan.