Quiksilver Finalizes Rossignol Deal
Huntington Beach, Calif.–based surf giant Quiksilver has completed the much-anticipated sale of Rossignol, its underperforming winter-sports hardgoods business. In a transaction valued at 40 million euros, or approximately $50 million, Quiksilver sold Rossignol to Chartreuse & Mont Blanc on Nov. 12. Bruno Cercley, the former Rossignol chief executive, heads up Chartreuse & Mont Blanc, which is owned by the Macquarie Group, an Australian company.
“The completion of this sale represents the culmination of our efforts to eliminate our exposure to hardgoods manufacturing,” said Robert McKnight, Quiksilver’s chief executive, in a statement. “We’re delighted that we can now return to our roots, do what we do best and once again fully concentrate our efforts on our core apparel and footwear brands Quiksilver, Roxy and DC.”
Quiksilver bought Rossignol in 2005 for $325 million and later sold Roger Cleveland Golf Co., a division of the Rossignol group, to SRI Sports Limited for $132.5 million. When news of the sale of Rossignol first appeared, the deal had a proposed value of 100 million euros. Quiksilver said in a statement that net proceeds of the revised sale will be used to reduce the brand’s indebtedness. At press time, the company’s stock was up 23 percent to $1.89 per share. —Erin Barajas
