Three hundred mill? More?
Five years ago, almost to the day, Rip Curl’s three major shareholders figured they’d sell, but only if they could get close to half a billion dollars.
It was an ambitious, and not entirely unrealistic, amount arrived at by the founders Doug Warbrick and Brian Singer (who jointly own seventy two percent) and founder of Rip Curl in Europe, Francois Payot (eighteen percent).
It didn’t come off. A sale price of ten times earnings multiple ain’t an easy play to make. But worth a try. There’s a lot of dumb money out there.
Two years ago, Rip Curl was valued at $310 million after the board approved a share buyback from former senior executives no longer with the company.
News in today, suggests Doug, Brian and Francois are spit-polishing the biz for another swing at selling the house. Doug and Brian have appointed the Australian company Gresham and the US investment firm RW Baird and Co to manage the sale process.
According to the Australian Financial Review,
Private equity buyers are likely to be in the mix in the latest sale process for Rip Curl, particularly those who missed out on Billabong three years ago, including Altamont Capital Partners, which teamed up to bid with clothing giant VF Corporation, and Sycamore Partners, which backed former Billabong boss Paul Naude’s unsuccessful offer.
“It’s the end of an era. Look at Torquay. Two billion dollars worth of wealth and none of it put back. None of the owners’ kids work for the companies.” Maurice Cole
Great opportunity for the second tier core surf companies to rise up, slit the throats of the investment bankers and provide us with a decent product at a fair price.
Godamn how much is Mason’s weed budget?
So what happened to all the Aussie kids did they become hipsters and deemed their parents business not cool?
Go now you are sent forth.,…
Hey dude, watcha doin? Vodka and coconut water?
Have fun.
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Who run baarta town?
I can offer 5$ and a hand-job behind the bike sheds. No kissing.
How many shares will I get?
Dave. Intentions Pure , path Secure.
I just shared this with everyone on tinder. That channel of yours may become a gulf.
Not sure what the wife will say, but thanks for the support there Bob.
Silver spoon kiddies just want to surf and be cool.
Good luck to Brian and Claw, they kicked all this shit off back in the 60s, and they deserve a pot of gold a the end of the tunnel. Always stayed really true to surfing…just check the team roster over the years…goddam…
The North Koreans love them!
Some kids are just lazy. That’s why.
Who knows where the road will lead us yet..