Billabong has sold its DaKine brand to complete a $325 million bridge loan as part of paying off its debts.
DaKine, which is an American outdoor apparel company, was sold to US private equity firm Altamont Capital Partners for $70 million, which was part of the of the company’s rescue deal it made with Altamont.
The loan will incur a 12 per cent annual interest but will allow Billabong to pay its $289 million debt.
This is the second brand Billabong has sold in 15 months after it offloaded its 48.5 per cent share in Nixon accessories last year.
To reflect Altamont’s investment into Billabong, Altamont has nominated two directors to the board of Billabong. The two nominees were Jess Rogers and Keoni Schwartz who will be appointed as additional directors at Billabong’s next annual general meeting.