I think they overpaid for Rip Curl (over 7x EV/EBITDA) for a declining brand. It is well-known but it is declining.
Here is what happened to two of their old competitors.
"In 2013, Billabong declared its own brand worthless after posting a huge annual loss. And Quiksilver filed for bankruptcy in 2015." - https://money.cnn.com/2018/01/05/investing/billabong-quiksilver-merger/index.html
Ann: Transaction Summary, page-2
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Mkt cap ! $338.0M | |||
| Open | High | Low | Value | Volume |
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