Quiksilver to sell Mervin Manufacturing

QUIKSILVER REACHES AGREEMENT TO SELL MERVIN MANUFACTURING

Transaction Part of Company’s Plan to Divest Non-Core Businesses

Quiksilver, Inc. (NYSE: ZQK) today announced that it has reached a definitive agreement to divest its snowboard subsidiary, Mervin Manufacturing, Inc., to Extreme Holdings, Inc., an entity advised by Altamont Capital Partners. The all cash transaction is expected to close within several weeks and subject to certain customary closing conditions.

Mervin is a leading designer and manufacturer of snowboarding products. Its brands include Gnu and Lib Tech. As part of the transaction, Mervin will continue to manufacture snowboards for Quiksilver’s Roxy brand, under a separate license agreement.

Full article here.

Jez, get the BW credit card out and out bid them by $1!!!!!

No surprises there. To companies not run by snowboarders for snowboarders, snowboarding is a “Non-Core Business”.

QUIKSILVER CONFIRM SALES OF MERVIN MANUFACTURING FOR $51.5M

Quiksilver has sold Mervin Manufacturing for $51.5M to Altamont Capital Partners who also recently acquired Dakine. Quiksilver intend to use the proceeds to reduce credit facilities and make investments in emerging markets, in order to focus on their core operations.

Mervin still hold the snowboard manufacturing license for Roxy.

Source: http://www.boardsportsource.com/

The Altamont Capital Partners purchase puts LibTech and Gnu in a similar ‘owned by money obsessed shareholders, not snowboarding obsessed snowboarders’ situation as Rossignol. Altamont Capital Partners has interests in such things as loss adjustment, pharmaceutical supplies, vinyl window shades, fast food and government security. Still, at least they’re not as bad as the lowlife scumbag owners of Rossignol, who deliberately set out to profit from the misfortune of others (misfortune that THEY deliberately create!).