Salty Crew and Globe International have decided to join forces: “Under the deal, Globe International, a multi branded apparel, footwear and hardgoods company will acquire 50% of the Salty Crew brand.” The deal will be effective January 1, 2017.
Key personnel at Salty Crew, which include Jared Lane, CJ Hobgood and Tom Ruiz, will all stay with the brand, and continue to expand their roles there. Under the terms of the deal, Globe International will assume responsibility for operational and financial functions. Milo Meyers, the founding shareholder at the surf, fish, dive and sail brand, will remain a significant shareholder and advisor to the brand.
Salty Crew will keep a design, sales and marketing office in San Diego, while Globe International will run backend operations and support functions from its headquarters in California, Australia, and France.
Salty Crew established itself as a brand in 2014, and since then has seen steady growth and has had a huge impact on the surf and fishing industries. By transferring backend operations, as well as operational and financial functions, the Salty Crew team will be able to focus more efficiently on the design and marketing of their product.
From a joint statement made by Salty Crew and Globe International:
“Although still in the early stages of development, Salty Crew is well positioned as a core brand with broad appeal. It is in the perfect position for significant growth. Meanwhile, Globe International has a 30 year history of growing core brands with integrity and longevity and navigating the pitfalls that can come with that growth. The opportunity to put such like-minded people and complementary businesses together was just too good to pass up.”