- 17 September 2012 | Surfing
Private equity firms are trying to buy Rip Curl, following the wave of interest that is flowing through direct competitor Billabong.
Rip Curl, the iconic Australian surf brand founded in 1969 by Doug Warbrick and Brian Singer, may have a new owner, after several approaches from potential bidders, in the last weeks.
Established in Torquay, Victoria, Rip Curl is one of the biggest surf companies in the world and could be sold for $500 million.
"The board recognises that if any such investment were to occur, it would need to be consistent with our objectives of ensuring our company values and brand values are respected, supporting our staff and being in the interests of our shareholders," Rip Curl said.
The brand has always been respected by surfers for its wide variety of products, such as wetsuits, surfboards, surf gear, clothing, watches, apparel and more.
Rip Curl's growth potential in emerging markets, such as Asia and South America are particularly attractive to foreign investment and the company has already appointed Bank of America Merrill Lynch to weigh the multiple offers.
Discover the evolution of the Rip Curl logo.