Industry-leading surf brand Rip Curl has been sold to New Zealand-based camping retailer Kathmandu in a deal worth A$350 million.
The Australian company—founded in Torquay, Victoria, by Brian Singer and Doug Warbrick—will change hands for the first time since it opened for business in 1969.
The founders released a statement following the acquisition by Kathmandu and said: “We realise, Rip Curl, our baby has grown into an adult recognised all over the planet and we are proud that we have created one of the world’s great brands.”
It’s reported Kathmandu’s ASX-listed revenues will exceed $1 billion for the first time as a result of the purchase, advancing their scope as one of the world’s biggest outdoor retailers.
Singer and Warbrick each held 35.5 per cent of Rip Curl, and will—along with remaining chief executive Michael Daly—receive 10.9 million Kathmandu shares apiece (worth a total of $31 million).