Authentic Brands Group, which is set to acquire Boardriders, said Thursday it had received a $500 million investment from General Atlantic.

The growth equity firm’s now pumped nearly $2 billion into Authentic with this additional funding since it first invested in the business in 2017.

“General Atlantic’s increased investment in Authentic is a testament to the strength of our proprietary brand platform, business model, and team,” said Jamie Salter, Authentic founder, chair, and CEO. “General Atlantic takes an innovative investment approach and shares our vision for building brand value for the long term. We are proud to be part of General Atlantic’s selective portfolio of first movers and established companies and look forward to continuing to partner with them to evolve and scale our model worldwide.”

Other investors in Authentic include BlackRock, Leonard Green & Partners, Simon Property Group, Brookfield, CVC Capital Partners, and HPS Investment Partners.

Authentic said the latest capital infusion will be used to further accelerate and expand its businesses, which is made up of more than 40 brands.

The company’s snapped up almost 30 brands and expanded into sectors such as media, outdoor, events, and studios since General Atlantic first invested in the business. More recently, Authentic bought the IP of Vince and Hunter. It also revealed its Authentic Studios production company.

Authentic first announced its acquisition of the Boardriders group at the end of March and the next month confirmed that a definitive agreement to purchase the business had been signed.

Little has been disclosed since that time about specific plans for Boardriders – which owns Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper, and Honolua – as it relates to leadership structure, stores, licensing deals, and other factors that are at play with Boardriders’ complex, highly-international business structure.

Authentic did confirm in April that it will use its partner network to “convert the Boardriders business into a licensed business model” and that it is “in discussions with several current and new operators in key regions to manage the manufacturing, physical retail, e-commerce, and wholesale operations of the Boardriders business.”

The deal is expected to close sometime in the third quarter.

Kari Hamanaka can be reached at [email protected].

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