Kathmandu acquires Rip Curl for $350m
Gadens has advised Kathmandu on its acquisition of surfing retailer Rip Curl.
Firm: Gadens (Kathmandu Holdings Limited)
Deal: Gadens advised on Kathmandu Holdings Limited on its acquisition of Rip Curl Group Pty Limited.
Value: $350 million.
Key players: The Gadens team was led by corporate partner Michael Kenny who was supported by senior associate Winnie Sinn.
The team had additional assistance from partners Andrew Kennedy, Kerry Awerbuch, Brett Feltham, David Smith, Adam Walker and Peter Poulos, as well as senior associate Matthew Burge and lawyers William Zhang and Brittany Kluske.
Deal significance: Kathmandu has announced its entry into a binding agreement to acquire 100 per cent of Rip Curl. The transaction is to be financed by fully underwritten pro rata accelerated entitlement offer to raise approximately $138 million and a vendor placement of approximately $31 million.
The acquisition of Rip Curl transforms Kathmandu into a global outdoor and action sports company by combining two iconic Australasian brands and provides opportunity for Kathmandu to considerably diversify its geographic footprint, channels to market and seasonality profile.