Home / Knowledge / News / Apparel/Garments / Ennis announces sale of its apparel division
Ennis announces sale of its apparel division
05
Apr '16
Courtesy: Ennis
Courtesy: Ennis
Ennis entered into a Unit Purchase Agreement (the Purchase Agreement) with Alstyle Operations (the Buyer) pursuant to which it has agreed to sell Alstyle Apparel and its subsidiaries, which constitute the company's apparel division, to the Buyer for an aggregate purchase price of $88,000,000 (the Transaction).

The purchase price includes $76,000,000 in cash to be paid at closing, subject to working capital adjustments, and an additional $12,000,000 to be paid pursuant to a capital lease covering certain company retained equipment utilized by the apparel division.

The Purchase Agreement includes a no-shop provision prohibiting the company from soliciting third-party proposals for the acquisition of Alstyle Apparel and the apparel division. But the company may respond to unsolicited proposals, and may terminate the agreement and accept an unsolicited proposal subject to its concurrent payment of a $3,000,000 termination fee to the Buyer.

The closing of the transaction, which is anticipated to occur by the end of April 2016, is conditioned upon the funding of a committed acquisition loan in favor of the Buyer, expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and the satisfaction of other customary closing conditions.

At this time, the company has not yet issued its audited financial results for its fiscal year ended February 29, 2016. The company anticipates the filing of its Annual Report on Form 10-K for such fiscal year on or about May 10, 2016. (MCJ)

Ennis

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search