Surf

Bain Capital Interested in Purchasing Billabong

As bad as things have been for beleaguered surf industry company Billabong, they could get a whole lot worse.

If you’re an employee of Billabong that is.

Bain Capital, a private investment and equity firm known more for being the company formerly run by Republican Presidential Candidate Mitt Romney, is interested in a takeover bid of surf industry company Billabong, which last week posted its first annual loss since becoming a public corporation over a decade ago.  Bain is reportedly offering a similar amount to what another private equity firm, TPG Capital offered in July, $1.45 a share to takeover the struggling company.

Billabong, a public surf company based in the Gold Coast of Australia, had its trading of stocks halted following the failed attempt by TPG Capital to purchase the company earlier this year after its stocks experienced a 78% drop in its value over the past 12 months.  The company continues to be mired in financial difficulties, with the Billabong brand and its subsidiaries including Von Zipper, Element, RVCA, Dakine and Swell.com also struggling.

In an official statement Billabong announced that, “it received an indicative, non-binding and conditional proposal from another party interested in acquiring all of the shares in the company and which states “we currently propose a cash consideration value of around $1.45 per share”.”  According to the New York Times the other party is Bain Capital, which has a reputation for buying struggling corporations, significantly downsizing the company and then either selling off the company or claiming bankruptcy while collecting a strong profit.

The Latest

2d

In a ten part series, Red Bull will bring you an in-depth look into the life of professional mountain biker and Enduro World Cup racer, Curtis Keene. After an unlucky finish on the 2013 World Cup, Curtis is focused and fired up with his eyes set on podiums across the world. (…)

3d

Pimped out with his new O’Neill Psycho 3 FUZE wetsuit, Soli Bailey takes a casual road trip through the shores of beautiful New Zealand. Dude’s got skills! Fresh for Winter 2014, exclusive to Australia and straight from O’Neill’s Area 52 R&D (…)

3d

Hailing from the sunshine rich shores of Australia, Miranda Kerr has graced the pages of Victoria Secret, the first from OZ, as well as many fashion covers around the world. If you ask us, this girl is straight up hot as hell. There must be something in the water down (…)

prev.loading
nextloading