Chapman Tripp played a key role in the acquisition of an iconic surfing sportswear brand.
The leading firm was the lead legal adviser to Kathmandu on its $368m acquisition of Rip Curl. The complex deal – described by Kathmandu as transformational – involved debt and equity funding arrangements. The deal creates a global outdoor and action sports company with more than $1bn in annual revenue, Chapman Tripp said.
Partners John Strowger, Rachel Dunne and Cathryn Barber led the Chapman Tripp team. Senior associates Jeremy Gray and Philip Ascroft, senior solicitor Calvin Luo, and solicitors Kate Roberts-Gray and Mitchell Spence also advised.
Chapman Tripp said that the deal required legal due diligence across multiple jurisdictions. The firm also helped negotiate a sale agreement with multiple vendors.
“A vendor placement of approximately $32m to which escrow arrangements apply will be made in partial satisfaction of the purchase price. The transaction will also be funded by a fully underwritten accelerated rights entitlement offer of $145m and new senior secured debt facilities of $231m,” the firm said.
Chapman Tripp’s work on the deal has been praised by Xavier Simonet, Kathmandu chief executive.
“The expertise of the Chapman Tripp team proved invaluable. We knew we were in safe hands at every step of the deal,” he said.
Strowger said that Chapman Tripp is thrilled to have played a part in an important milestone for Kathmandu.
“The Kathmandu team are a class act and we enjoyed the opportunity to work with them and their other advisors on such a significant transaction,” he said.
Kathmandu’s Australian legal advisers were from national firm Gadens, Chapman Tripp said.