Altamont Consortium Provides Refinancing To Billabong, Providing Liquidity And Leadership To Take Company Forward

Altamont Consortium Provides Refinancing To Billabong, Providing Liquidity And
                      Leadership To Take Company Forward

Action Sports Executive Scott Olivet to Become New Chief Executive Officer and
Managing Director of Billabong

Altamont's Jesse Rogers and Keoni Schwartz to Join Billabong Board of
Directors

Altamont also Acquires DAKINE from Billabong to be Run as Separate Company

PR Newswire

PALO ALTO, Calif. and GOLD COAST, Australia, July 16, 2013

PALO ALTO, Calif.and GOLD COAST, Australia, July 16, 2013 /PRNewswire/ --
Altamont announced that it has partnered with GSO Capital Partners (the credit
arm of the Blackstone Group, and together with Altamont, the "Altamont
Consortium") to provide refinancing for Billabong International Limited
("Billabong") that stabilizes the business and enables Billabong to pursue a
strategy to grow the business once again. The new capital structure will
enable the company to build on the transformation underway and capitalize on
Billabong brands' tremendous brand equity and customer loyalty. As part of
the recapitalization, Altamont also agreed to acquire DAKINE from Billabong,
which will be run as a separate company.

(Logo: http://photos.prnewswire.com/prnh/20130701/SF40796LOGO)

Additionally, reflecting the significant investment by the Altamont
Consortium, the Board of Billabong today announced that it intends to appoint
Scott Olivet as Chief Executive Officer and Managing Director of Billabong.
Altamont partners Jesse Rogers and Keoni Schwartz will also join the Board of
Billabong.

Olivet commented: "I am incredibly excited to assume the CEO position at
Billabong and lead the company to its next phase of growth and success. I have
been impressed with the dedicated and brand-loyal teams around the world and
am honored to join them. Certainly there is still a lot to be done to
transform the company's business, but with the company's liquidity issues
behind us, I'm confident that we will be able to now focus on building upon
the strong brand equity of Billabong and the portfolio companies."

"The changes announced today provide Billabong with a stable platform and the
necessary working capital to continue to address the challenges it faces."
said Billabong Chairman Ian Pollard. "The transaction reflects confidence in
the value of Billabong's brands and its ability to achieve future profitable
growth."

Rogers said, "We see real potential in Billabong. Despite all the company has
been through, the brands are still strong and the business has the potential
for significantly improved performance. Removing the uncertainty caused by the
unending deal talk and financial stress helps tremendously.Combined with
Scott joining as CEO, an extraordinary leader with the right industry
expertise and a remarkable track-record, Billabong's turnaround became an
investment opportunity in which we wanted to participate."

The refinancing will repay in full Billabong's syndicated debt facilities and
provide further capital to fund the Company's immediate and long-term
liquidity needs. As a result of this transaction, Altamont Consortium's
potential future ownership in Billabong equity could be between 36.25% -
40.5%. Additional details and terms of this transaction are included in
Billabong's press release, "Refinancing of Syndicated Debt Facilities."

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.

SOURCE Altamont Capital Partners

Contact: Christina Stenson or Aman Battish, Brunswick Group on behalf of
Altamont, (415) 671-7676
 
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