Rip Curl Said to Seek A$500 Million to Sell Surfwear Brand

Rip Curl Group Pty., the board-sports brand controlled by two surfers who founded it in 1969, is exploring a sale for as much as A$500 million ($527 million), said a person with direct knowledge of the matter.

The closely held Australian company has hired Bank of America Corp.’s Merrill Lynch unit and is seeking about 10 times its projected A$48 million 2013 earnings before interest, tax, depreciation and amortization, the person said, asking not to be identified before a public announcement by Rip Curl. Merrill Lynch is assessing “unsolicited approaches” for the company, Rip Curl said in a statement today.