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American Men's buys Dimensions, assets of Alexandria
07 Aug '10
2 min read
Men's Wearhouse announced that it has acquired Dimensions Clothing Limited and certain assets of Alexandra, plc, two leading providers of corporate clothing uniforms and workwear in the United Kingdom, for a total cash consideration of approximately 61 million pounds Sterling.
The combined businesses are organized into a UK-based holding company, of which Men's Wearhouse will control 86% and certain existing shareholders of Dimensions will control 14%. The acquisition is expected to be accretive to earnings excluding transaction and integration expenses in FY2010. Projected annualized FY2011 revenue of the combined businesses is expected to be approximately 130 million pounds, and earnings are also expected to be accretive. No other terms were disclosed.
George Zimmer, Men's Wearhouse Founder, Chairman and Chief Executive Officer, stated, "We are excited to expand our corporate apparel operations by acquiring Dimensions and the assets of Alexandra. These transactions give Men's Wearhouse a strong market position in UK corporate apparel.
"Operationally, Dimensions' management will join our organization. Like Men's Wearhouse, Dimensions' management team has built an organization dedicated to servicing their customers. Over the past five years, the Dimensions organization has grown and developed a world class customer base, including several of the United Kingdom's largest food and non-food retailers.
“The Alexandra brand has a 50-year legacy in workwear solutions to businesses of all sizes, and is a well known brand. Additionally, our new UK organization has strong sourcing operations in Asia and Eastern Europe and will service clients from multiple distribution facilities," concluded Zimmer.
The combined businesses are organized into a UK-based holding company, of which Men's Wearhouse will control 86% and certain existing shareholders of Dimensions will control 14%. The acquisition is expected to be accretive to earnings excluding transaction and integration expenses in FY2010. Projected annualized FY2011 revenue of the combined businesses is expected to be approximately 130 million pounds, and earnings are also expected to be accretive. No other terms were disclosed.
George Zimmer, Men's Wearhouse Founder, Chairman and Chief Executive Officer, stated, "We are excited to expand our corporate apparel operations by acquiring Dimensions and the assets of Alexandra. These transactions give Men's Wearhouse a strong market position in UK corporate apparel.
"Operationally, Dimensions' management will join our organization. Like Men's Wearhouse, Dimensions' management team has built an organization dedicated to servicing their customers. Over the past five years, the Dimensions organization has grown and developed a world class customer base, including several of the United Kingdom's largest food and non-food retailers.
“The Alexandra brand has a 50-year legacy in workwear solutions to businesses of all sizes, and is a well known brand. Additionally, our new UK organization has strong sourcing operations in Asia and Eastern Europe and will service clients from multiple distribution facilities," concluded Zimmer.
Men's Wearhouse
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