Billabong acquiring Xcel Hawaii
Xcel Hawaii Inc. has been acquired by Australia-based Billabong International Ltd. for an undisclosed sum, the companies said today.
The Hawaii-based maker of wetsuits and other apparel and accessories for ocean recreation activities was established in 1982 by Edmont D'Ascoli, who moved here from New Jersey.
D'Ascoli will remain with the business and continue to operate from Hawaii, according to Billabong Chief Executive Officer Derek O'Neill.
"Xcel is a category leader, particularly in its primary markets of Hawaii and mainland USA," he said. "It has an authentic surf heritage and it is a brand that we feel can readily benefit from the support of the Billabong Group."
O'Neill is listed as vice president of Xcel International Inc., formed Aug. 31 in California, according to state records.
D'Ascoli is not among the officers of the new corporation. He was traveling this morning and unavailable for comment, but in a prepared statement, he said, "Xcel will remain focused on its core products and will then leverage the support of the Billabong Group in areas of distribution and product development."
The acquisition includes Xcel's office and two retail stores on Oahu, and a warehouse and repair facility in California.
Xcel is projected to contribute about 1 percent to Billabong revenue in the current fiscal year.