Home / Knowledge / News / Apparel/Garments / Ennis, Inc. completes Alstyle Apparel sale
Ennis, Inc. completes Alstyle Apparel sale
30
May '16
Texas-based Ennis, Inc. has announced that it has completed the previously announced sale of Alstyle Apparel, LLC and its subsidiaries, which constituted the company's apparel division to Gildan Activewear on May 25, 2016.

The Alstyle Transaction was completed for an all-cash purchase price of $109,354,066 (after giving effect to an adjustment for estimated working capital as of April 30, 2016, which is subject to post-closing adjustment as of the closing date), subject to customary indemnification arrangements and the other terms of such agreement, Ennis, Inc. said in a press release.

Concurrently with the closing, Ennis and Gildan entered into a transition services agreement, pursuant to which the Company will provide transition assistance to Gildan for certain administrative, financial, human resource and information technology matters, and a sublease agreement, pursuant to which Ennis will sublease from Gildan a portion of certain property located in Anaheim, California that is leased by the Apparel Division.

Keith Walters, the Company's President, Chief Executive Officer and Chairman of the Board, commented by stating, “We are pleased that we have been able to close this transaction so quickly after its announcement in early May. Beginning in the summer of 2015, it has been a time consuming process to affect the sale of this asset, and its completion will allow management to focus on the Print segment and our stated goal of acquiring other printing businesses that meet our criteria.”

Alstyle manufactures and markets activewear products such as t-shirts and fleece, the majority of which are sold under the Alstyle brand. The acquisition of Alstyle expands Gildan's penetration in activewear and printwear markets in the US, Canada and Mexico. The acquisition will also allow Gildan to enhance its competitive positioning in the Mexican printwear and retail markets. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Wendell Rodricks
Wendell Rodricks

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search