SurfStitch has bought the iconic surf fin manufacturer FCS for 17.1 million dollars.
The online retailer launched in 2007 by Justin Cameron and Lex Pedersen acquired 100 percent of the shares of Surf Hardware International (SHI), the company behind the brands 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," the SurfStitch group explains.
"SHI’s continuous innovation has created a portfolio of globally recognized brands and high-performance products that have immense appeal to SurfStitch Group’s youth demographic."
Fin Control Systems (FCS) was founded in Australia in 1995 by Brian A. Whitty.
It is the most widely used fin system in the world. Mick Fanning, Gabriel Medina, Adriano de Souza, Jeremy Flores, Julian Wilson, and Filipe Toledo are some of the brand's sponsored riders.
SurfStitch has also announced the opening of three flagship Swell stores over the next 24 months.
In May 2015, the company led by Cameron and Pedersen bought Stab Magazine and Magic Seaweed for 9.9 million dollars and 4.8 million shares in SurfStitch.
The SurfStitch Group was admitted to the Australian Securities Exchange in 2014. Last year's turnover reached 143.6 million dollars.