2014

Altamont Consortium Media Statement

PALO ALTO, Calif. and GOLD COAST, Australia, Aug. 20, 2013 /PRNewswire/ -- The Altamont Consortium comprised of Altamont Capital Partners and GSO Capital Partners (the credit arm of the Blackstone Group, and together with Altamont, the "Altamont Consortium") issue the following statement following the outcome of the Takeovers Panel's deliberations:

(Logo: http://photos.prnewswire.com/prnh/20130820/NY66925LOGO )

We are pleased to be moving forward with our agreement with Billabong. After discussions with the Takeovers Panel and on-going constructive negotiations with Billabong, we and the company have agreed to a revised proposal.  As the previous agreement also ensured, the revised Altamont Consortium deal secures the future of Billabong, an iconic Australian company that employs approximately 6,000 people and distributes its products through over 10,000 stores in Australia and worldwide.  In addition to the financial support, our deal provides Billabong a dynamic and proven executive in Scott Olivet, a veteran active sports industry leader, former CEO of Oakley and senior executive at NIKE.

We are excited to work with the Billabong board, Scott and the rest of the management team to move the company forward and begin the process of rebuilding the company and shareholder value.  Billabong owns an exciting portfolio of brands that have been constrained from realizing their full potential. By stabilizing the balance sheet and leadership team, and allowing the company to focus on its business, we believe that the Altamont Consortium transaction will enable Billabong to finally have a clear path toward realizing that potential.

The Altamont Consortium has been engaged in months of due diligence, studying the business and developing plans to turn the company around. As a result our transaction represents a comprehensive solution for Billabong shareholders. Not only did we provide liquidity to the company at a crucial time when no one else offered a similarly actionable solution, but we are also investing in the long-term future of the business. Our transaction addresses the balance sheet issues with immediate liquidity and expanded availability to fund growth, as well as an option to inject equity to support an appropriate level of leverage.  In addition, we will install strong management to implement a plan for restoring sustainable and profitable growth.  We are here as long-term partners for the company.

About Altamont Capital Partners

Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area. Altamont is focused on investing in businesses where it can partner with leading management teams to help the companies reach their full potential. The firm's principals have significant experience building business success stories across a range of industries.

About GSO Capital Partners
GSO Capital Partners LP is the credit business of The Blackstone Group. With approximately $58 billion of assets under management as of March 31, 2013, GSO is one of the largest credit-oriented alternative asset managers in the world and a major participant in leveraged finance. GSO specializes in collateralized loan obligation vehicles (CLOs) and credit-oriented funds, which include leveraged loans, special situations, mezzanine, distressed, secondary market and rescue financing credit strategies. Our other alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions and closed-end funds.

Contact:

Brunswick Group on behalf of Altamont
Ilse Schache: +86 150 2683 9312 / ischache@brunswickgroup.com
Aman Battish: +1 415 671-7676 / abattish@brunswickgroup.com

SOURCE Altamont Consortium




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