Authentic Brands Group to Acquire Boardriders
Authentic Brands Group (Authentic) announces that it has entered into a period of exclusivity and made a binding offer to purchase Boardriders, a global action sports and lifestyle company, from funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Through this acquisition, Authentic would strategically diversify and expand its portfolio with the addition of the most iconic brands in board sports, including Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper and Honolua.
“As an early believer in the global and commercial appeal of action sports, this brings me back to the roots of my early career,” said Jamie Salter, Founder, Chairman and CEO of Authentic. “Along with the great brands and impressive global reach that will come with this acquisition, we see Boardriders’ potential as a thriving online marketplace under Authentic’s ownership. With Boardriders’ proven retail playbook, we also see tremendous opportunities to accelerate the expansion of its shop-in-shops, branded retail stores, wholesale and e-commerce worldwide.”
For more than 50 years, the Boardriders brands have built a lasting legacy by awakening the spirit of freedom, embracing exploration and connecting boardriders around the world. Each brand in the portfolio has captured the hearts and imaginations of consumers by providing a unique platform for professional and amateur athletes to express their creativity and authentically engage with their communities.
Today, Boardriders is a highly diversified global business with operations across continents, including the Americas, Europe, Australia and Asia. The portfolio generates $2.9 billion in retail sales annually through a global multichannel distribution network of 500-plus owned retail stores, 7,000 wholesale accounts and e-commerce in 35 countries. Additionally, the acquisition would include Surf Dive ‘n Ski, a leading lifestyle retailer in Australia with a fleet of more than 80 locations and robust e-commerce platform.
“We are proud of our deep connection to the global action sports community, industry-leading brands and world-class teams,” said Arne Arens, CEO of Boardriders. “Under Authentic’s ownership, Boardriders will be uniquely positioned to expand the reach of our iconic brands to millions of consumers, capture market share in our core categories and grow white spaces, including premium athleisure, training and lifestyle.”
The acquisition is subject to the consultation of certain Boardriders employee representatives, the signing of the definitive agreement and certain standard closing conditions and approvals. In the event that all approvals are secured, Authentic’s acquisition of Boardriders would be expected to be finalized in Q3 2023.
BofA Securities and Goldman Sachs are acting as financial advisors and Latham & Watkins LLP is acting as legal advisor to Authentic. Moelis & Company LLC is acting as a financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Boardriders and Oaktree.