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.