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Rafaella addition represents a great opportunity for Perry Ellis
29
Jan '11
Perry Ellis International completed its previously announced acquisition of substantially all of the assets of Rafaella Apparel Group Inc an entity controlled by affiliates of Cerberus Capital Management, L.P. Before final net working capital adjustments to the closing balances, the transaction purchase price is $80 million, which includes approximately $20 million of working capital in addition to warrants to purchase 106,564 shares of common stock issued to Rafaella. The Company funded the acquisition through its senior credit facility.

“The addition of Rafaella represents a great opportunity for us, and we are very pleased to have acquired a brand that we believe is so well positioned to take advantage of the many opportunities in the women's apparel arena today,” commented George Feldenkreis, chairman and chief executive officer of Perry Ellis. “As we become a more significant player in the women's space, we will be aggressively pursuing several growth avenues to ensure that we continue diversifying our business model and delivering strong results this fiscal year,” continued Mr. Feldenkreis.

The Company currently estimates that total revenue derived from the Rafaella assets during fiscal 2012 will be approximately $120 million. In addition, the acquisition of the Rafaella assets is currently expected to be accretive to fiscal 2012 earnings per share by approximately $.40.

“We are excited not only about the potential for product extensions and synergies throughout our existing brands Laundry by Shelli Segal and C&C California, but for the significant talent that this new team brings to the Perry Ellis International family,” commented Oscar Feldenkreis, president & chief operating officer of Perry Ellis. “With the addition of Rafaella, women's & contemporary now becomes a much more significant part of our overall business.

Perry Ellis International Inc


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