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Beleaguered iconic Australian company Billabong has secured a $325 million debt refinancing.
Firms: Allens (Billabong International); Baker & McKenzie and Ropes & Gray (Altamont Capital Partners)
Area: M&A
Value: $325 million
Key players: The Baker & McKenzie team was led by partner Steven Glanz (pictured), assisted by partners Kate Jefferson (corporate), Howard Fraser and George Harris (banking), John Walker (tax) and David Walter (insolvency), and senior associates Gaynor Tracey and Joanna Byers and associate Cathy Chan
Deal significance: Under the deal, the consortium of US private equity firm Altamont will acquire up to 40 per cent of the surf wear company and its action sports and outdoor accessories brand DaKine. It has been agreed that two new directors will be appointed to Billabong’s board and Scott Olivet will take over as chief executive officer.
Allens also represented Billabong in 2012 when the brand’s founder Gordon Merchant faced intense questioning over his perceived role in rejecting a potential takeover offer earlier that year valued at four times the brand’s worth at that time.
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