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HanesBrands gears up to acquire Knights Apparel
27
Feb '15
American clothing company HanesBrands is soon going to take over the collegiate logo garment specialist Knights Apparel.

With the recently announced all cash acquisition deal of worth $200 million, the North Carolina firm aims to boost the growth of its in-house licensed collegiate apparel division Gear for Sports, according to a HanesBrands press release.

Commenting on the agreement, the clothier’s chairman and chief executive officer, Richard A Noll, said, “This is an exciting acquisition opportunity to leverage our existing Gear for Sports licensed collegiate apparel business, our expertise and size in the mass retail channel, and our low-cost global supply chain.”

John T Marsh, president-global activewear-HanesBrands, said, “Knights Apparel has a tremendous business model and a highly talented team of employees. With the label added to our existing Gear for Sports collegiate bookstore business, we are building a powerful licensed college apparel business that we can leverage with our substantial capabilities in apparel production, graphic design and graphic printing.”

“HanesBrands is the perfect partner and owner for Knights Apparel. The company understands our business and will make us more valuable to our licensor and retail partners, allowing us to provide best-in-class products, brand management and service,” stated Joe Bozich, the CEO of Knights Apparel which manufactures garments representing 400 of the largest US colleges and universities.

With the addition of Knights, Hanes expects to be an even stronger growth partner for licensed and graphic apparel with more than $450 million in combined annualised sales. The combination will create a best-in-class supplier of licensed collegiate apparel that has both low-cost and quick-turn supply capability and is primarily supported by company-owned garment production and graphic embellishment facilities.

The acquisition, which is subject to antitrust review and other customary closing conditions, is expected to close early in the second-quarter of 2015. Assuming an early second-quarter close, the acquisition is expected to add to Hanes’ previously stated presplit 2015 financial guidance by approximately $160 million in net sales. Within two to three years when full synergies and benefits are realised, the purchase of Knights is expected to contribute about $0.30 of presplit annual adjusted EPS. (PB)

Fibre2fashion News Desk - India

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