The Australian-based Surfstitch Group has agreed to buy Surfwear Hardware International (SHI) Holdings, parent company of four brands - FCS, Gorilla, Hydro and Softech - that stand for surfboards, SUP boards and related products and accessories. The acquisition gives SHI an enterprise value of 23.7 million Australian dollars (€16.1m-$17.1m). SHI's e-commerce capabilities will be integrated in the online sales platform of Surfstich, Swell. Surfstitch is planning to open three physical Swell stores at key locations around the world. The company is also looking for other acquisition opportunities.

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