JA Holding brand names include Joseph Abboud, JOE Joseph Abboud, Joseph Abboud BOYS and Joseph Abboud Home. Joseph Abboud branded products are available in fine department stores and specialty stores throughout the United States, and more than fifty countries worldwide. This transaction includes ownership of JA Holding's exclusive U.S. tailored clothing factory that employs 450 highly skilled people, who create fine tailored clothing.
Joseph Abboud, the founder and creator of this iconic brand as well as one of the nation's leading menswear designers, has served as Chief Creative Director of Men's Wearhouse since December 2012.
Doug Ewert, President and Chief Executive Officer at Men's Wearhouse said, "We are thrilled to reunite Joseph with his iconic brand at Men's Wearhouse. This transaction accelerates our strategy of offering exclusive brands with broad appeal at attractive prices. Current and future customers will benefit from authentic American designer clothing, manufactured in the USA, at unparalleled value."
Commenting on announcement, Mr. Abboud said, "Becoming a part of Men's Wearhouse with its powerful U.S. retail presence and talented management team, I believe the Joseph Abboud brand will not only thrive but will also reach new heights by offering amazing style and quality at an incredible value. I am very proud of this modern American brand that I launched in 1987 and I am excited to continue the evolution of the Joseph Abboud design aesthetic for our existing customers while also attracting a new consumer who will experience the level of quality and exceptional service that Men's Wearhouse offers."
Anthony Sapienza, President and CEO at JA Holding said, "We are proud of the progress that we have made during our nine-year partnership with J.W. Childs in building Joseph Abboud into a modern, sophisticated menswear and lifestyle brand. We look forward to continued growth in the brand at Men's Wearhouse."
Mr. Ewert added, "We believe this transaction will enhance shareholder value. After integration, we expect the addition of the Joseph Abboud exclusive brand to enhance our margins and profitability and become accretive to our earnings in fiscal year 2014."
Men's Wearhouse remains committed to its $200 million share repurchase program, as previously announced in March 2013. The Company expects to finance this acquisition and its share repurchase program with cash on hand and/or proceeds from its existing credit facility.
J.P. Morgan Securities LLC is serving as financial advisor to Men's Wearhouse, and Willkie Farr & Gallagher LLP is serving as legal advisor. Kaye Scholer LLP is serving as legal advisor to JA Holding and North Point Advisors is serving as financial advisor.
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