Report: Industry vet involved in Altamont bid for BBG
Former Oakley CEO and current Skullcandy board member Scott Olivet is working with Altamont Capital Partners on its bid to buy a stable of brands from Billabong, according to the Wall Street Journal’s Deal Journal in Australia.
Olivet is currently executive chairman of RED Digital Cinema, chief executive officer of Renegade Brands since July 2009 and the non-executive chairman of Collective Brands since June 2011.
Olivet was CEO of Oakley from 2005 to 2009. Prior to that, he worked at Nike for several years, including working with Hurley when it came into the Nike family.
VF Corp. announced yesterday that it is exploring acquiring Billabong with Altamont. VF is interested in the Billabong brand, while Altamont wants to buy the other brands, including RVCA, Element, DaKine and Von Zipper. Billabong granted VF and Altamont due diligence rights.
The stock market liked the news that an additional party is interested in acquiring Billabong. The company’s stock rose nearly 16% to 98 cents in trading in Australia Tuesday. Billabong’s stock price has ranged from 74 cents to $3.16 during the past 52 weeks.
Also in the hunt for Billabong is Americas President Paul Naude and private equity firm Sycamore Partners, which specializes in consumer and retail investments. Sycamore purchased the retail chain Talbots in 2012.