Ocean & Earth

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Ocean & Earth Australia Pty Ltd is a NSW-based wholesaler of surf equipment, accessories and clothing.

Ocean & Earth has been exporting its products since the establishment of the business in the late 1970s, and now exports to 20 countries across markets including Europe, Asia, UK, South Africa and New Zealand.

As the worldwide surfing market has grown significantly over the last 10 to 20 years, so has demand for high quality products. Ocean & Earth has capitalised on this demand and grown a highly successful export business. Currently, export comprises approximately 25% of the business and this is growing.

Strain on cashflow

One of the biggest challenges the business faces in exporting is the time delay in getting the product from the manufacturing stage to being on the shelves, which can take up to 180 days.

This places significant pressure on the company’s cashflow during this period. Without additional working capital, Ocean & Earth was being held back in its potential export growth, despite strong demand existing.

With export growth in the business continuing, Ocean & Earth needed financial support.

With the Efic export working capital guarantee,
we’ve been able to grow our business by 20% over the last 12 months. Efic understands what we’re
trying to do and provides support where the banks
are unable to. Brian Cregan, Managing Director, Ocean & Earth.

A financial solution

Working in conjunction with Ocean & Earth’s bank, ANZ, we provided the business with a US$600,000 export working capital guarantee. This enabled the bank to support Ocean and Earth’s exports to overseas
buyers in a range of countries worldwide.

The additional working capital has been used by Ocean & Earth to fund the manufacture of goods in order to meet export demand. This has given the company’s international distributors great confidence in the strong continuity of products they will receive which keeps the export orders coming in.

“We look forward to seeing Ocean & Earth continue to grow and succeed here and overseas,” Efic’s Colin George commented.

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