Australian sports apparel and accessories maker Billabong International is navigating some rough seas as it seeks to avoid being taken over by private equity firm TPG Capital.
Among the Billabong moves aimed at blocking TPG’s proposed acquisition: pursuing a $285 million sale of its 48.5 percent stake in youth wristwatch brand Nixon to rival private equity shop Trilantic Capital Partners. In addition to shoring up its capital position, Billabong’s deal with Trilantic, which follows cost-cutting initiatives that included closing roughly 150 stores, also reduces the company’s attractiveness by stripping it a large stake in one of its most profitable brands.
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