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Randa Accessories acquires Swank
19 May '12
2 min read
Randa Accessories Leather Goods LLC, a leading manufacturer, distributor and marketer of lifestyle accessories, has completed its acquisition of Swank Inc. a leading designer and marketer of men's and women's belts and men's leather accessories, jewelry and suspenders. The purchase price was $10.00 a share, or total consideration of approximately $57.3 million.
Swank will continue to operate as a wholly-owned subsidiary of Randa, led by John Tulin, Swank's Chairman and Chief Executive Officer. Mr. Tulin will report to Jeffrey O. Spiegel, Randa's Chief Executive Officer.
Jeffrey Spiegel stated, “We are very pleased that Swank is joining our family of companies. The strategic benefits of this combination are clear and we are happy to have provided terms that were financially attractive for Swank's stockholders.
Randa continues to invest in the future of our company, our associates, and our retail and brand partners. This acquisition provides additional classifications, points-of-sale, brands, and scale to our growing business.”
John Tulin said, “I am pleased to announce the closing of the transaction, as it has delivered to our stockholders significant value and a substantial cash premium for their shares. We look forward to a long and mutually rewarding relationship with the Randa team.”
Swank's stockholders who hold stock certificates will receive letters of transmittal with instructions for sending in their shares to American Stock Transfer & Trust Company, as paying agent, to receive the $10.00 per share merger consideration. The exchange of shares held by stockholders who hold shares in “street name” through a bank, broker or other nominee should be handled through the bank, broker or other nominee.
Financo, Inc. was the financial advisor to Swank and Troutman Sanders LLP served as legal advisor to Swank in connection with this transaction. Peter J. Solomon Company was Randa's financial advisor and Olshan Grundman Frome Rosenzweig & Wolosky LLP served as legal advisor to Randa in connection with the transaction.
Randa Accessories is the global leader in lifestyle accessories and the world's largest men's accessories company.
Swank is engaged in the importation, sale and distribution of men's and women's belts and men's leather accessories, suspenders, and jewelry.
Swank will continue to operate as a wholly-owned subsidiary of Randa, led by John Tulin, Swank's Chairman and Chief Executive Officer. Mr. Tulin will report to Jeffrey O. Spiegel, Randa's Chief Executive Officer.
Jeffrey Spiegel stated, “We are very pleased that Swank is joining our family of companies. The strategic benefits of this combination are clear and we are happy to have provided terms that were financially attractive for Swank's stockholders.
Randa continues to invest in the future of our company, our associates, and our retail and brand partners. This acquisition provides additional classifications, points-of-sale, brands, and scale to our growing business.”
John Tulin said, “I am pleased to announce the closing of the transaction, as it has delivered to our stockholders significant value and a substantial cash premium for their shares. We look forward to a long and mutually rewarding relationship with the Randa team.”
Swank's stockholders who hold stock certificates will receive letters of transmittal with instructions for sending in their shares to American Stock Transfer & Trust Company, as paying agent, to receive the $10.00 per share merger consideration. The exchange of shares held by stockholders who hold shares in “street name” through a bank, broker or other nominee should be handled through the bank, broker or other nominee.
Financo, Inc. was the financial advisor to Swank and Troutman Sanders LLP served as legal advisor to Swank in connection with this transaction. Peter J. Solomon Company was Randa's financial advisor and Olshan Grundman Frome Rosenzweig & Wolosky LLP served as legal advisor to Randa in connection with the transaction.
Randa Accessories is the global leader in lifestyle accessories and the world's largest men's accessories company.
Swank is engaged in the importation, sale and distribution of men's and women's belts and men's leather accessories, suspenders, and jewelry.
Randa Accessories Leather Goods LLC
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