Quiksilver disclosed the sale price for Mervin Manufacturing Monday afternoon in a regulatory filing with the SEC.
The company said it is selling Mervin for $51.5 million in cash.
Mervin, owner of the Lib Tech and GNU brands, recorded $32 million in revenue during the past 12 months.
Extreme Holdings, a company associated with Altamont Capital Partners, is buying Mervin. Altamont owns DaKine and spent a lot of time, money and effort in an ultimately unsuccessful attempt to buy Billabong.
Quiksilver bought the snowboard manufacturer in 1997 for $4.4 million.
Quiksilver said it will use the cash from the sale of Mervin to pay down debt and invest in emerging markets.
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