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Tuesday, Mar 19, 2024
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Quiksilver to Sell Snowboarding Subsidiary

Huntington Beach-based action-sports apparel maker and retailer Quiksilver Inc. said it plans to sell its snowboarding subsidiary.

Its Mervin Manufacturing Inc. designs and makes snowboarding products under the Gnu and Lib Tech brands. Quiksilver sold Mervin for an undisclosed price to Extreme Holdings Inc., which was advised by Palo Alto private equity firm Altamont Capital Partners.

Altamont led an effort this year to purchase Australia-based Billabong International Ltd. and had appeared set to take over the action-sports company until a competing offer was unveiled and accepted by the Billabong board.

The sale of Mervin Manufacturing to Extreme Holdings was an all-cash deal that’s expected to close in several weeks, Quiksilver said in a statement.

Quiksilver will continue to sell Roxy-branded snowboards as part of a licensing agreement with Mervin that’s part of the deal.

It said proceeds from the sale will be used to help pay down debt and spend on emerging markets.

―Kari Hamanaka

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