Quiksilver, one of the world’s leading outdoor sports lifestyle companies, announced last week that it has received a binding offer from Chartreuse & Mont Blanc to buy 100% of the Rossignol Group. The group includes the Rossignol, Dynastar, Look and Lange brands. Quiksilver bought Rossignol three years ago. According to Quiksilver, the sale is consistent with its intention to reduce its exposure to the winter sports equipment manufacturing business to concentrate on its core apparel and footwear products.
Chartreuse & Mont Blanc is named after the two mountain ranges which are home to Rossignol’s two key brands: Rossignol is nestled in the shadow of the Chartreuse mountain range and Dynastar in the shadow of Mont Blanc. Led by Bruno Cercley, a former CEO of Rossignol, C&MB is majority owned by the Macquarie Group and supported by a non-voting minority interest by Jarden Corporation. Jarden Corp. is the parent company of K2 and VÃ¶lkl.
The proposed transaction value is â‚¬100 million, comprised of â‚¬75 million in cash and a â‚¬25 million
Seller’s Note. It is subject to a financing condition and customary working capital adjustment.
Quiksilver plans to use the net proceeds from the contemplated sale to repay existing
Robert B. McKnight, Jr., Chairman of the Board, Chief Executive and President of Quiksilver, Inc.,
commented, â€œThis offer is a compelling transaction for Quiksilver and represents the culmination
of a thorough sale process. Once completed, we can fully concentrate our efforts on our core
apparel and footwear brands Quiksilver, Roxy and DC.â€
The transaction is expected to close in Fall 2008 following receipt of regulatory approval and
completion of required employee consultation procedures.
Sources: FIS, Quicksilver