Aussie surf brand put up for sale

Rip Curl, the Australian surfing sportswear manufacturer from Victoria’s Bells Beach has been facing tough times and is up for sale.

The Australian surf brands have been hit by a retail downturn as young surfers increasingly search for the new brands, and a strong Australian dollar hurts exporters, reports the AFR.

Rip Curl has hired Bank of America Merrill Lynch to explore a full or partial sale of the company.

Rip Curl was founded in 1969 by friends Doug Warbrick and Brian Singer, who own a combined 72 per cent share in the business.

The AFR reports sources as estimating a $300 million sale price.

The announcement comes only weeks after Billabong International was put up for sale, with private equity giants TPG and Bain Capital circling the surfwear company.

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