Quicksilver Inc. is most known for its apparel and equipment in what some consider "extreme sports" such as surfing, skateboarding and snowboarding. So, when the Hunting Beach, Calif.-based company looked to pare down debt, it decided to unload its golf division — Cleveland Golf — which didn't seem to fit its core holdings. SRI Sports Ltd. of Japan acquired Cleveland on Wednesday for $132.5 million.
Cleveland Golf was one of five middle-market deals announced Wednesday:
- The online brokerage industry has seen massive consolidation that started in the U.S. and continues abroad. Dutch online brokerage firm Binckbank NV reached an agreement to acquire rival Alex Beleggersbank on Wednesday for €390 million ($566 million). The deal would make it the Netherlands' biggest online broker, combining its 74,000 clients with Alex's 129,000, according to Binckbank.
- British engineering company Invensys plc unloaded its APV division for £250 million ($518 million) to Charlotte, N.C., diversified manufacturer SPX Corp. The divestiture follows a disappointing earnings quarter, where Invensys missed its analysts' expectations. "Analysts blamed the disappointing earnings on APV, and the London company is now getting rid of the unit that provides process engineering solutions for the food, beverage, pharmaceutical and healthcare industries," writes The Deal's Peter Moreira.
- Information technology service provider Computer Sciences Corp. acquired First Consulting Group Inc. for $365 million in cash. The deal beefs up Computer Sciences' information technology services and software products for health delivery, health plan and life sciences organizations.
- Stone Point Capital LLC invested about C$80 million ($84.2 million) in the Cunningham Lindsey Group Inc. for a 51% stake. Fairfax Financial Holdings Ltd. is investing C$30 million for a 45% stake, according to an Oct. 30 statement from Fairfax, a Toronto financial services holding company. Proceeds of the deal will be used to repay Cunningham's C$72.8 million unsecured term loan facility, said The Deal's Luisa Beltran.
— Gerald Magpily
See TheDeal.com: Invensys to sell unit to SPX
See TheDeal.com: Dutch brokers strike $565M merger
See LA Business: QuickSilver sells Cleveland Golf for $132.5 million
See Reuters: Computer Sciences to buy First Consulting Group
