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Billabong has reached an agreement to sell Sector 9 for $12 million to Bravo Sports, the owners of Kryptonics, Pro-Tec, Ten Eighty and Maple. Bravo Sports themselves were acquired at the end of 2015, by a Los Angeles-based private equity firm called Transom Capital Group.

Sector 9 were acquired by Billabong in 2008 for an undisclosed fee and SOURCE will bring you any news on the implications for European distributor Rollin Stoke SAS   …  More

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Surfwear giant Billabong will offload its longboard skate hardware brand, Sector 9, for about $16 million to a US sports company to focus on its “big three” brands.

Billabong said the $US12 million ($A16.4 million) sale was not the start of a sell-off of smaller brands but part of the company’s strategy to focus on the three larger brands under its umbrella.

“Our priority as a company has been   …  More

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Porsche is developing its own electric car to take on Tesla – and says it will eclipse Elon Musk’s electric car.

‘It’ll be something entirely different than any of its competitors, across the board’ a product manager from Porsche told Automobile magazine.

Porsche first showed off its Mission E last year as a concept, but has since said it will go into production.

The firm has taken aim at Tesla’s ‘ludicrous mode’  …  More

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Melbourne law firm Gadens has urged aggrieved major shareholders in SurfStitch to provide details about private briefings with the board and senior management as it investigates whether to launch a $500 million class action claim.

Gadens partner and chief counsel Glenn McGowan QC wants to know what SurfStitch chairman Howard McDonald told shareholders in a series of private briefings the week before the company warned that earnings could fall 61 per cent.

While some shareholders complained   …  More

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