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Quiksilver has deal to sell Rossignol

Bob McKnight

By Tiffany Montgomery
August 27, 2008 6:27 AM

Quiksilver announced today that it is selling its Rossignol Group for 100 million Euros, or $147.3 million at current exchange rates, to a company headed by a former Rossignol CEO. The Jarden Corporation, which owns K2, is also involved.

Quiksilver bought Rossignol for approximately $320 million in 2005. The company said it will use the proceeds from the Rossignol sale to pay down debt.

Former Rossignol CEO Bruno Cercley of Chartreuse & Mont Blanc made the offer. Chartreuse & Montblanc is majority owned by the Macquarie Group of Australia and Jarden Corporation owns an interest in Chartreuse.

The press release did not mention Bernard Mariette, left, the former Quiksilver corporate president who pushed for the Rossignol acquisition but left the company after the deal battered Quiksilver's financial results. When he resigned earlier this year, Mariette had said he would try to purchase Rossignol.

The Rossignol sale is expected to close in the fall and will allow Quiksilver to focus on its core brands, Quiksilver Chairman and CEO Bob McKnight said in a statement.

"This offer is a compelling transaction for Quiksilver and represents the culmination of a thorough sale process," he said. "Once completed, we can fully concentrate our efforts on our core apparel and footwear brands Quiksilver, Roxy and DC."