VF Corp. revealed last week that it has partnered with Altamont Capital Partners to explore a bid for Billabong International Ltd. The two submitted a buyout offer for Billabong that values the Australian surf company at about $1.16 a share, or $556 million.

VF in a statement said its primary interest in the transaction is in the Billabong brand. VFs statement read, This interest is consistent with VFs stated intent to pursue acquisitions, particularly in the Action Sports category, to continue to build shareholder value.

Vans and Reef are VFs two brands that play most in the action sports channel. Its Outdoor and Action Sports Coalition also includes The North Face, Timberland, Jansport, Kipling, Smartwool, Napapijri, Eastpak, Eagle Creek and Lucy.

Altamonts interest lies in acquiring Billabongs other brands and related assets, and is predicated on the firms mandate to invest in situations where it can provide strategic and operational support to build business success stories.

The San Francisco-based investment firm has approximately $500 million of capital under management. David Scott Olivet, former CEO of Oakley Inc. and Nike executive, is reportedly assisting Altamont in its bid.

Billabongs other brands include: Element, Von Zipper, Honolua Surf Company, Kustom, Palmers Surf, Xcel, Tigerlily, Sector 9, DaKine and RVCA. It also owns the West 49 actions sports chain in Canada.

VF and Altamont have received Billabongs approval to conduct due diligence in order to evaluate Billabongs business. The VF offer matches a bid by private equity firm Sycamore Partners and Paul Naude, Billabong’s former Americas president. Naudes group is also conducting due diligence as part of its bid.

Billabong said it will be evaluating the offers over an approximately six-week period to see if it can secure a bid “at a price and on terms that the board would recommend.”