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Sara Lee agrees to sell stake to Delta
16 Aug '05
4 min read
Tel Aviv based apparel maker Delta Galil Industries Ltd, the global provider of private label ladies' intimate apparel, socks, men's underwear, baby-wear and leisurewear, reported that it had been informed that its shareholder, Sara Lee International Corporation ("Sara Lee"), had signed an agreement to sell 4,256,537 Delta shares, which represent all of the shares that it holds in Delta, to GMM Capital LLC, an entity controlled by Isaac Dabah, in consideration for approximately $27.7 million in the aggregate, or $6.5 per share. These shares represent approximately 23 percent of the issued and outstanding shares of Delta, excluding treasury stock held by Delta. Under the terms of the sale agreement, the closing of the sale will occur no later than August 30, 2005. Sara Lee has informed Delta that the sale of its Delta shares is being made in accordance with Sara Lee's transformation plan announced earlier this year, part of which related to the sale or spin off by Sara Lee of all of its apparel operations.
Dov Lautman, Chairman of the Board, founder and controlling shareholder in Delta, has consented to the sale to GMM Capital LLC in accordance with the right of first refusal provision of the existing shareholders agreement among Dov Lautman and entities under control of Lautman (collectively, the "Lautman Group") and Sara Lee.
Isaac Dabah is a U.S. citizen and an Israeli native who has been active in the textile and apparel business for approximately 25 years. In 1993, Dabah, together with a group of investors, acquired Gloria Vanderbilt Apparel Corp, the owner of the Gloria Vanderbilt label in the apparel business, and sold the company in April 2002 to Jones New York. In accordance with the sale agreement,. Dabah remained as the CEO of Gloria Vanderbilt, and from mid-2003 until December 2004, Dabah was the CEO of Jones' denim division, which included Polo Jeans for men and women, LEI Jeans and Gloria Vanderbilt, and had total sales of $1.1 billion per year. Today, Mr. Dabah manages GMM Capital LLC, a fund that invests in Israel and the United States in various sectors, including textile and apparel.
Dov Lautman, Chairman of the Board, founder and controlling shareholder in Delta, has consented to the sale to GMM Capital LLC in accordance with the right of first refusal provision of the existing shareholders agreement among Dov Lautman and entities under control of Lautman (collectively, the "Lautman Group") and Sara Lee.
Isaac Dabah is a U.S. citizen and an Israeli native who has been active in the textile and apparel business for approximately 25 years. In 1993, Dabah, together with a group of investors, acquired Gloria Vanderbilt Apparel Corp, the owner of the Gloria Vanderbilt label in the apparel business, and sold the company in April 2002 to Jones New York. In accordance with the sale agreement,. Dabah remained as the CEO of Gloria Vanderbilt, and from mid-2003 until December 2004, Dabah was the CEO of Jones' denim division, which included Polo Jeans for men and women, LEI Jeans and Gloria Vanderbilt, and had total sales of $1.1 billion per year. Today, Mr. Dabah manages GMM Capital LLC, a fund that invests in Israel and the United States in various sectors, including textile and apparel.
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