Rip Curl Group has revealed it is currently considering a third party investment in the surfwear manufacturer and retailer. According to a statement issued in conjunction with Merrill Lynch, Rip Curl has identified a number of global opportunities which could complement its organic growth. “We have also recently received unsolicited approaches from several international organisations which have indicated a desire to invest in our company,” Rip Curl said. “In order to assess the
ese opportunities, the Board has appointed Merrill Lynch to assist Rip Curl in exploring the opportunities available as well as assessing the merits of introducing a third-party investor to the group.
“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,” the statement said.
Rip Curl’s unaudited pro-forma revenue and EBITDA for the 2012 financial year has increased over the prior year, in contrast to general surf industry performance.
The privately owned company was founded by Doug Warbrick and Brian Singer in Torquay, Victoria in 1969.
It currently has 43 stores across Australia as well as hundreds of wholesale accounts. The announcement follows approaches to fellow surfwear retailer, Billabong, by TPG to purchase the beleaguered business.
