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Delta Apparel acquires lifestyle brand “Salt Life”
29
Aug '13
Delta Apparel, announced that its wholly-owned subsidiary, To The Game, LLC, has acquired substantially all of the assets of Salt Life Holdings, LLC, including all of its domestic and international trademark rights in the Salt Life brand.

The purchase price for the transaction consists of $15 million in cash, two promissory notes in the aggregate principal amount of $22 million, and an additional payment contingent on certain performance targets being met with respect to sales of Salt Life products in calendar 2019. The Company financed the cash portion of the purchase price through an amendment to its asset-based secured revolving credit facility.

Salt Life is an authentic, aspirational and lifestyle brand that embraces those who love the ocean and everything associated with living the “Salt Life”.

Founded in 2003 by four avid watermen from Jacksonville Beach, Florida, the Salt Life brand has widespread appeal with ocean enthusiasts worldwide. From fishing, diving and surfing, to beach fun and sun-soaked relaxation, the Salt Life brand says “I live the Salt Life”. From its first merchandise offerings in 2006, Salt Life has grown to more than $20 million in annual sales, with distribution in surf shops, specialty stores, department stores and sporting goods retailers.

“The Salt Life acquisition opens up another exciting chapter in the history of Delta Apparel, Inc.,” commented Robert W. Humphreys, Chairman and Chief Executive Officer. “This continues our strategy of building lifestyle brands that can take advantage of our creative capabilities, vertical manufacturing platform and international sourcing competencies.

Since becoming the exclusive licensee for Salt Life apparel and other categories in 2011, Delta Apparel has broadened its core consumer appeal by developing authentic and compelling products that cater to a host of ocean and beach enthusiasts. During this time Salt Life has also expanded geographically from a nearly exclusive Florida brand to now having products available to consumers in over 1,500 retail doors from Texas up the coast to the Northeast. Delta Apparel also developed and launched an online store  which has experienced exceptional growth.

Most recently product is being seeded in retailers in California and Hawaii and is receiving a great response from consumers.” Humphreys continued, “While this acquisition will have minimal impact on our revenue and earnings in the upcoming year, it will be a key growth initiative in the future. As owner of the brand we will greatly increase our investment in consumer advertising and point-of-sale branding. We look forward to the many opportunities we see for strong continued growth with the Salt Life lifestyle brand.”

Delta Apparel

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