Anybody hear anything about this? There's been no ASX...

Anybody hear anything about this? There's been no ASX announcement so it may not be a large acquisition.
Not sure how its being funded or what the price may be - it may just be out of cash reserves?


October 11, 2016 11:15 AM

GLOBE INTERNATIONAL JOINS FORCES WITH SALTY CREW
Globe International and apparel brand Salty Crew, announced today that they are joining forces. Under the deal, Globe International, a multi branded apparel, footwear and hardgoods company will acquire 50% of the Salty Crew brand.
Globe International will assume operational and financial functions for the surf, fish, dive and sail brand, while key brand personnel Jared Lane, CJ Hobgood and Tom Ruiz will all continue and expand their roles with the brand. Founding shareholder Milo Myers will also continue on as a significant shareholder and advisor to the brand. Salty Crew will maintain a design, sales and marketing office in San Diego, while backend operations and support functions will be run from Globe International’s headquarters in California, Australia and France.
Launched in 2014, Salty Crew had an immediate impact on the surf, fish, dive and sail world securing premium placement and growth through traditional core distribution. After building from the ground up as a family run business, the deal enables Salty Crew to access Globe International’s entire existing infrastructure. Salty Crew will transfer the functions of distribution, finance, production, systems and customer service to Globe International. This will allow Salty Crew’s branded team to increase its focus on key branding initiatives in marketing, product design and sales to further enhance and drive the awareness of the brand around the world.
In a joint statement Globe International and Salty Crew said, “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.”
The deal will be effective January 1, 2017.