Boardriders is gearing up for another wave of change.
A sale five years ago brought together some of the most iconic surf and skate brands under the Boardriders umbrella – Quiksilver, Billabong, Roxy, RVCA, DC Shoes, Element, VonZipper and Honolua. Now a new buyer is ready to acquire the action-sports brands.
Authentic Brands Group on March 31 said it has entered “a period of exclusivity,” making a binding offer to buy Huntington Beach-based Boardriders from funds managed by Oaktree Capital Management.
“Through this acquisition, Authentic would strategically diversify and expand its portfolio with the addition of the most iconic brands in board sports,” a company announcement reads.
The sale still needs to go through closing conditions and approvals, but if all is finalized, the sale would be complete by this fall.
Authentic owns a portfolio of more than 40 lifestyle, entertainment and media brands, according to its website.
Among the most recognizable names in the brand’s portfolio are Marilyn Monroe, Elvis Presley, Muhammad Ali and Shaquille O’Neal and David Beckham. It also has shoe and apparel companies Reebok, Eddie Bauer, Spyder, Forever 21 and Nautica.
The action-sports world may recognize a brand it bought a few years back: Costa Mesa-based Volcom, originally started by Richard Woolcott and Tucker Hall, snowboarders and surfers who spawned the company in a Newport Beach bedroom.
No sale price was given for the pending deal. The New York City-based company said it generates about $24.7 billion in global annual retail sales and has retail footprints in more than 150 countries.
Adding Boardriders to its portfolio is expected to increase annual retail sales to more than $27.6 billion, according to the announcement.
“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,” the release reads. “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.”
News of the 2018 acquisition shocked the surfing world when two longtime rivals Billabong and Quiksilver were brought under the Boardriders portfolio.
Both brands have deep Orange County roots.
Bob McKnight and Jeff Hakman bought the license to sell in the U.S. in the 70s from the brand’s Australia founder Alan Green.
In the early days, they’d load up McKnight’s VW bus with a few hundred pairs of shorts, driving to surf shops up and down the coast. Their office was set up in the living room of a Newport Beach home they rented, close enough to the beach to surf in the morning and do business deals in the afternoon.
By the mid-80s, the brand grew so much that it went public, eventually topping $100 million by 1990, before a recession hit. By the mid-2000s, sales hit $2 billion across the surf, skate and snow landscapes. But new challenges emerged with online sales and other changes in the retail space.
Billabong, also originally created in Australia, was introduced to the U.S. market by Bob Hurley. He bought the licensing rights and built into a $100 million business, and 16 years later in 1999, created his own brand, Hurley. The Costa Mesa-based brand later sold to Nike, which then sold it in 2019 to Bluestar Alliance.
Both Billabong and Quiksilver endured rough waters before the Boardriders purchase, filing bankruptcy, changing leadership and seeking bailouts with a private investment firm looking to revive the fledgling brands.
The latest sale would bring together three powerhouse action-sports brands – Billabong, Quiksilver and Volcom – all started by surfers decades ago in Orange County bedrooms and garages.
“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.”
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