find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Firm advises on SurfStitch’s growth

Firm advises on SurfStitch’s growth

Philip Hart, Herbert Smith Freehills

A global firm has advised SurfStitch, a global online action sports and youth culture network, on its latest acquisition and recent placement of shares.

Firms: Herbert Smith Freehills (SurfStitch Group Limited); Sparke Helmore (SHI Holdings Pty Limited); Baker & McKenzie (JP Morgan Australia Limited and UBS Australia Branch)

Deal: Surfstitch Group Limited acquired SHI Holdings Pty Limited and made an institutional placement of shares

Value: $23.7 million acquisition and $50 million placement

Area: M&A and finance

Key players: The Herbert Smith Freehills team advising on the acquisition was led by partner Bradley Russell with assistance from solicitor Jacqueline Pollard. Partner Philip Hart (pictured) and solicitor Thomas Mawson advised on the placement of shares.

Deal significance: Global online action sports and youth culture network SurfStitch Group Limited (SurfStitch) acquired global designer and distributor of water board sports products Surf Hardware International Holdings Pty Limited (SHI).

SurfStitch purchased 100 per cent of the shares of SHI for an enterprise value of A$23.7 million, paid in cash and completed on 3 December.

SurfStitch also launched a $50 million institutional placement of shares on 25 November, fully underwritten by JP Morgan and UBS.

Part of the proceeds from the placement will be used to provide SurfStitch with the flexibility to pursue further strategic growth initiatives including complementary acquisition opportunities, according to a release from Herbert Smith Freehills.

HSF partner Philip Hart said: “We are pleased to have worked with the SurfStitch team on this important placement, having also acted on the company’s initial public offering and listing on ASX, and its recent $42.5 million institutional placement and share purchase plan to fund its acquisitions of Magicseaweed and Rollingyouth.”

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Firm advises on SurfStitch’s growth
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...