Volcom, Inc. (USA) announced it has signed an agreement to acquire the Volcom licensee in Australia. Volcom already owns 14% of Volcom Australia from prior investments. Volcom Australia has been operating here since 1993. Mitch Kummetz of Milwaukee-based investment bank Robert W. Baird & Co has followed Volcom closely since it first floated and estimates the deal around $8 million. Volcom Australia is said to have yearly sales of about $20 million. The move follows VoIcom’s 2008, acquisition of its Japanese licensee and its biggest global expansion in 2007 when it took over sales of its Europe licensee.

“This acquisition supports our continued commitment to building a solid following for the Volcom brand in Australia and maximizing our many strengths and prospects in this important region,” said Richard Woolcott, Volcom’s chairman and chief executive officer.

“This is one of the most influential territories for Volcom, and this move represents a great opportunity for us to continue to build brand strength and market share.”

“We are very excited to more formally be coming under the Volcom global umbrella,” said John Clapham, chief executive officer of Volcom Australia. “We believe this will strengthen the company’s main aim to grow our share of the market and will enable us to take the brand to the next level in Australia and New Zealand.”

Volcom is said to be waiting for licensing deals in South Africa in 2011 and in Brazil in 2013 before taking over those markets as well. The company anticipates the Australian acquisition to close in the third quarter and be neutral to earnings in 2010. Volcom has projected 2010 sales of $320 million.