Kathmandu announced the acquisition of Rip Curl.
The New Zealand-based retailer has taken over the iconic Australian surf brand for A$350 million ($236 million).
Rip Curl was founded in Torquay in 1969 by Brian Singer and Doug Warbrick. The company has been in the hands of the duo ever since.
Kathmandu aims to create a "global outdoor and action sports company" with annual revenues of NZ$1 billion ($626 million).
Although well known in Australia and New Zealand, the Kiwi camping gear brand hopes to take advantage of the synergies to conquer the European and North American markets.
Kathmandu acquired 100 percent of Rip Curl Group Pty Limited.
A Global Player
The new group will have a combined footprint of 341 owned retail stores, 254 licensed stores, and over 7,300 wholesale doorways globally.
The new owners of "the ultimate surfing company" believe that the recent acquisition will diversify Kathmandu's product offering.
The goal is to have Rip Curl's summer and beach focus, providing a seasonal balance to Kathmandu's winter and outdoor focus.
Michael Daly, CEO of Rip Curl, will continue to lead the company in Torquay.
"There is a strong cultural alignment between our brands, underpinned by a shared focus on quality, innovation, and sustainability," notes Xavier Simonet, CEO of Kathmandu.
"We're pleased that the founders and CEO wish to remain invested in the ongoing success of Rip Curl under Kathmandu ownership."