New York-based Saban Brands has acquired Australian surf brand Piping Hot, as lifestyle brands continue to lure buyers.
Torquay, Australia-based Piping Hot provides products for surfers, including boards and wetsuits. The company's products have been sold exclusively through Target since 1998, when Piping Hot developed an exclusive retail relationship with the store. Piping Hot also makes swimwear, footwear, beach towels, head wear and more, which it was able to develop because of a retail partnership with Target Australia, the company says.
Piping Hot has hosted international surfing events, including the Piping Hot Surf Festival in Bells Beach, Australia.
Saban, an affiliate of investment firm Saban Capital Group, buys and develops entertainment and lifestyle brands. On the entertainment side, Saban owns Power Rangers, Julius Jr., Popples, Cirque du Soleil's Luna Petunia, La Banda, Emojiville and other brands. In the lifestyle market, the company owns pajama brand Paul Frank, Macbeth, a footwear brand started by musician Tom DeLonge, and surf and skate brand Mambo. DeLonge is the former guitarist and co-lead vocalist for American rock band Blink-182.
Brands that attract consumers because of a tie to a particular lifestyle have long attracted investors. Recent examples include Bruckmann Rosser Sherrill & Co.'s purchase of Simpson Performance Products, which makes race car-related gear, and J.W. Childs Associates LP's acquisition of Cycle Gear, which makes motorcycle apparel and accessories. For more, see Retail M&A: Time-Tested Brands Sell.