Quiksilver finalizes Mervin Manufacturing divestment for $51.5M

Quiksilver (ZQK -2%) sells its snowboarding subsidiary, Mervin Manufacturing, to Altamont Capital Partners for $51.5M. (8-K) The subsidiary had TTM revenue of $32M.

The divestment is part of Quiksilver's plan to divest non-core operations. The company intends to use proceeds to reduce credit facilities and make investments in emerging markets. (PR)

Mervin will continue to manufacture snowboards under the Roxy brand through a separate licensing agreement.

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