The Dakine brand of action sports and outdoor accessories is being purchased by California-based Altamont Capital Partners.

Altamont today announced its agreement to acquire the brand from Australia-based Billabong International Ltd. for undisclosed terms. Billabong acquired Dakine in 2008.

The Dakine purchase comes during the recapitalization of Billabong, which is being led by Altamont as well as GSO Capital Partners.

Altamont is a private investment firm based in the San Francisco Bay area. Dakine was founded in Hawaii in 1979 by Rob Kaplan, but in recent years has been based in Oregon.