Delta Apparel announced today 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. Wells Fargo is agent for the lenders according to an 8-K filing. To view the amendment, click here.

Salt Life is a 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.

Salt Life will be operated as a division of To The Game, LLC, where it has been managed under a license agreement since 2011, growing annual sales from $6 million to over $20 million. Jeff Stillwell, President of To The Game, commented, “The experience we have had with the growth of Salt Life over the past two years gives us great confidence in the future potential of the brand. Our Jacksonville-based team does an outstanding job servicing our customers and promoting the Salt Life brand. The flagship Salt Life retail store, which opened in Jacksonville Beach, Florida during 2012, serves as a vision for retail customers to see product placements they can utilize in their stores. It also serves as a direct-to-consumer laboratory as we test new product concepts for broader retail distribution.”

Delta Apparel, Inc., along with its operating subsidiaries, M. J. Soffe, LLC, Junkfood Clothing Company, To The Game, LLC and Art Gun, LLC, is an international design, marketing, manufacturing, and sourcing company that features a diverse portfolio of lifestyle basic and branded activewear apparel and headwear.