Billabong's Dakine clothing label has been acquired by the Altamont Capital Partners for a sum of $70 million, according to BRAIN.
The extreme sports clothing label, which has an increasing presence in the mountain biking world, has now announced a new CEO and chairman, Leslie Lane of Altamont Capital. Former president Francois Carrete has now stepped down.
Lane said: “We’d like to thank Francois for his leadership and efforts over the past 18 months and wish him future success. We are excited to begin this new chapter in Dakine’s history, and are pleased to be able to invest in the future of this great brand.”
Billabong had been struggling with debts and the sale comes as part of the firm's drive to balance its books, which to date has seen a 48.5 per cent stake in Nixon also offloaded last year.