Billabong sells Sector 9 to Bravo Sports for $12m
Billabong CEO Neil Fiske said: “Our priority as a Company has been lifting the performance of our three biggest global brands in Billabong, RVCA and Element, while simplifying the business wherever possible. This transaction is part of that simplification and is consistent with our stated strategy.”
Sector 9, which was founded in 1993 and pioneered the longboard design in skateboarding, should prove a good fit for California-based Bravo Sports. Bravo already has a number of skate-focused brands within its existing portfolio, including Pro Tec, Kryptonics, Ten-Eighty and Maple.
“Sector 9 is a unique brand in the specialty segment of longboard skate hardware,” said Fiske. “We are confident the brand will continue to meet the needs of its customers under its new owners.”
Billabong said it expects the sale to have minimal impact on overall group EBITDA in FY17. The company posted 7.6% revenue growth in the first six months of its current fiscal year, closed 15th December, reaching AUD561.9m.
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