San Francisco-based Altamont Capital Partners (Altamont) entered into contract to purchase DAKINE, a leader in action sports accessories, from Billabong International Limited.

The accessories and apparel company was established in 1979 by Rob Kaplan in Hawaii. It has earned a solid reputation in the sports industry as manufacturer of specialized gloves, bags, backpacks and technical accessories. It was also a pioneer in wind surfing industry before it ventured into developing products for ski, skate, kite, bike and snowboard.

Steve Brownlie, an Altamont Principal, said "DAKINE has a high quality brand, strong track record, and long history in the markets it serves - all of the qualities we look for in a consumer business."

"There is a talented team at the company and we are excited to work with them to build on DAKINE's successful history and drive future growth opportunities," Brownlie added.

The acquisition happened simultaneously with Billabong's recapitalization led by GSO Capital Partners and Altamont.