Gowing Brothers Limited
(ASX:GOW) has announced it has completed the purchase of Surf Hardware International from SurfStich Group
(ASX:SRF).
Surf Hardware is a manufacturer and global supplier of surf related products under the brands Gorilla, Softech and Hydro.
Gowings paid $16 million for the surf business, with $10 million paid from existing cash reserves and $6 million deferred to 30 June 2017.
As a profitable and debt free business, Gowings expects Surf Hardware to be earnings accretive for the group.
Gowing Brothers reported a net profit of $21.99 million at 31 July 2016.
