Haggar Clothing Co. announced that it has acquired Tribal Sportswear from Kilmer Capital Fund L.P. for an undisclosed amount. Based in Montreal, Tribal was founded in 1976 as a women's trouser company and over the last several decades has grown into an industry leading women's sportswear business offering seasonal collections of casual and career wear to its account base of over 2,000 specialty stores across North America.
"Tribal is one of the most well respected women's wear brands in the boutique channel of distribution throughout North America," said Michael Stitt, CEO of Haggar Clothing Co., based in Dallas, Texas. "The company and brand are recognized for their high standards of quality, trend-right collections, and customer-centric corporate philosophy."
"Haggar's culture and core values towards their employees, customers and suppliers are shared by those at Tribal and were an important part of our discussions," said William Fitz Blackburn, acting CEO of Tribal and Partner at Kilmer Capital Partners. "The union of Haggar and Tribal represents a tremendous opportunity in women's sportswear and an exciting new chapter for Tribal and its dedicated employees."
Tribal will continue to be based in Montreal and will be led by Steven Richman, who will serve as President of the new division. "I am very excited that Haggar shares the same recognition of the unique position in the independent boutique channel that Tribal has earned," said Richman.
"Tribal's strong position in the boutique channel is in many ways thanks to its dedicated and creative workforce. With Haggar's vast resources, Tribal will be able to leverage and continue building and growing the brand." Steven Richman will work alongside Brian Main, President of Haggar Canada Co.
"I am very impressed with the Tribal associates I have met and worked with during our due diligence process, and I am excited to work with Steve to continue to build our women's business," stated Brian Main. "The entire team is passionate, committed, and skilled, and we are confident that the brand is poised for continued growth."
The acquisition of Tribal Sportswear is expected to complement Haggar's current women's business, which enjoys significant distribution in Canada at both major department stores, Sears and The Bay, and is expected to grow in North America.
"Tribal's highly valued boutique customers, the majority of which are in the United States, provide diversification in terms of our channels of distribution," said Stitt. "The talented design and sourcing teams at Tribal's headquarters provide the foundation for meaningful growth of our women's wear business throughout North America."