Sequoia Associates Ltd

Four days before the sale of Ocean Pacific Sunwear Ltd. was supposed to close, the Tustin surf wear supplier said it has broken off talks with the potential buyer and that the company is no longer for sale. In a statement Monday, OP said it broke off talks with Sequoia Associates Ltd., a Menlo Park venture capital firm that had reached a tentative agreement to buy OP last month. Financial terms of the deal were never disclosed.

Four days before the sale of Ocean Pacific Sunwear Ltd. was supposed to close, the Tustin surf wear supplier said it has broken off talks with the potential buyer and that the company is no longer for sale. In a statement Monday, OP said it broke off talks with Sequoia Associates Ltd., a Menlo Park venture capital firm that had reached a tentative agreement to buy OP last month. Financial terms of the deal were never disclosed.

Ocean Pacific Sunwear is negotiating its sale to a San Francisco investment group, OP executives said Monday, and an agreement could come soon. The surf-wear licenser, once the giant of the industry, is involved in "substantial negotiation" with Berkeley International Capital Corp., said Michael Balmages, OP's senior executive vice president. "We are extraordinarily close to (signing) a letter of intent with them." No Berkeley representative could be reached for comment.