To better compete with big name brands such as adidas-salomon, Nike, Volcom and Stüssy in the active footwear market, Quicksilver (quiksilver.com) will soon fork over $87 million in cash and stock to acquire Vista, California-based skateboard shoe brand DC Shoes (dcshoecousa.com).
The deal, which is scheduled to close later this year, was announced on Monday. The purchase will make the two companies a powerful combined force in the worldwide youth market.
Robert McKnight Jr., chairman of the board and CEO of Quicksilver, said in a statement: "DC shoes is a tremendous fit with our organization from a cultural, strategic and operational standpoint. They are a young, aggressive and energetic company which reminds me a lot of Quiksilver… We expect to see tremendous synergies between our teams."
Last year, DC Shoes boasted nearly $100 million in sales of its footwear for skateboarders, snowboarders and bikers.
Quicksilver, with nearly $1 billion in annual sales, is known globally for its surfing apparel and its team of famed athletes such as surfer Kelly Slater and skateboarder Tony Hawk.
"We are very excited to be partnering with Quiksilver, the number-one action sports brand in the industry," said Ken Block, DC’s president and founder. "Their global platform will provide us with the resources to make DC even stronger, while allowing us to maintain the integrity and spirit of DC’s roots."
— Elissa Silver Weinberg