The SurfStitch Group is excited to announce the Acquisition of Surf Hardware International (SHI)! SHI is a global designer, marketer and distributor of innovative and high performance water board sports products and accessories. SHI’s philosophy and reputation for innovation, and the creation of high performance products, has driven SHI to become the leading player in the global water board sports accessory market, with numerous products that have broad appeal to all types of surfers, from the elite level professional tour athlete to the everyday surfer. SHI houses four distinct, highly recognised global brands, which provide market leading products across a number of different water board sports including Surf, SUP and Kitesurfing: FCS, Gorilla, Hydro and Softech. The acquisition of SHI strategically aligns with SurfStitch Group’s core objective to create an environment capable of capturing and influencing customers at all points of the surf and action sports lifestyle cycle.
A fully-underwritten institutional placement of ordinary shares to raise approximately A$50 million has also been launched, with proceeds being used to fund the repayment of certain debts of SHI as part of the Acquisition and transaction costs, as well as to provide SurfStitch Group with the flexibility to pursue further strategic growth initiatives including complementary acquisition opportunities. Proceeds will also be used for working capital and general corporate purposes.