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Saltflow to spend $42mn to acquire US apparel brands
11
Oct '11
Saltflow Inc, a Dubai, United Arab Emirates-based group, announced that it plans to spend approximately $42 million on acquiring several apparel and footwear brands in New York and California. The set of acquisitions includes an apparel brand in California that has its own domestic and international manufacturing facilities. The New York target, located in Manhattan, is also a well-established apparel brand with over 15 outlets across the U.S.

"There are several small companies we are looking to acquire to see how well our further diversification of product design works. We have several excellent sourcing facilities in Asia and the U.S. consumer response to the new designs offered through these synergetic brands is expected to be excellent," said Naira Abbasi, Vice President of Trade and Retail at Saltflow. "The revenue from these acquisitions will top $80 million and will generate annual returns of over 17 percent. Whether we will seek investors or fund it internally is a decision we will finalize shortly," Abbasi added.

Arif Ayub, Executive Chairman at Saltflow, will join the board's conference call next week to finalize the plan. "We are in a position to spend any amount. However, we will never go forward with any plan until we are sure of its profitability," Ayub said. "These acquisitions have been in the planning stages for quite some time and there is a strong case for proceeding with them," Ayub added.

Saltflow is a Dubai, United Arab Emirates-based group that owns and operates businesses in the technology, construction, trade and retail industries. The group generates revenues in excess of $290 million annually. Saltflow's Moscow-based technology group controls a range of Internet companies primarily targeted at financial and mobile solutions for consumers.

Its Beijing-based trade subsidiary directs a variety of largescale ventures in international commerce. The Dubai-based construction arm works on commercial projects within the United Arab Emirates and internationally in China and Europe. The North American retail division principally grows via manufacturing acquisitions within the United States and Canada.

Saltflow Inc


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