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Tefron completes transaction to buy Nouvelle's seamless activities
31
Dec '10
Tefron Ltd, a leading producer of seamless intimate apparel and engineered-for-performance (EFPTM) active wear, announced the closing of the transaction between Tefron Ltd. and Canadian apparel manufacturer, Nouvelle, for Tefron to acquire the seamless activities of Nouvelle Inc, and the completion of two financial transactions raising $10.8 million of fund for the company. The closing follows shareholders' meeting where the transactions received a strong majority approval by investors.

With the closing of the transaction, Tefron acquired the seamless assets of Intimes Nouvelle Seamless Inc (Nouvelle), including of all of Nouvelle's current and future purchase orders and other assets of its seamless business. Nouvelle is a private Canadian manufacturer of mass market seamless apparel which has established a strong position in both private label and branded products with broad distribution through leading U.S. retailers.

Tefron strengthened its financial position with two other transactions completed. In the shareholders' meeting, investors approved a capital increase of $5.8 million. Separately, Tefron succeeded in its negations to modify its banking agreement, as a result of which Tefron will receive an additional $5 million in bank loans

Commenting on the transactions and shareholder approval, CEO of Tefron, Amit Meridor said, "The acquisition of Nouvelle's Seamless activities adds a new component to our global strategy of regaining Tefron's leading position in seamless apparel and performance apparel industry, particularly because it will help strengthen our sales and marketing network in the U.S. market.

“In addition, the $10.8 million of fresh capital and new bank loans now provides Tefron with a base of financial stability which will enable us to further build the company and develop other new markets. Strong investor support for the transactions confirms the confidence of our shareholders in our goals and business plan set by the management team."

Tefron Ltd

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