With the close of this landmark deal, the company becomes the largest manufacturer of luxury tailored clothing that is truly made in North America. Samuelsohn has been growing at an incredible pace over the past three years with its new management team, and by next year, is projected to be four times larger than in 2010.
"We are delighted to complete this acquisition and focus on working with the great employees of Hickey Freeman to grow the business," said Stephen Granovsky, CEO of Samuelsohn's parent company and acquirer Grano Retail Holdings. "We believe in this industry and continue to search for opportunities to expand our footprint in luxury men's apparel."
As part of the deal, Samuelsohn has acquired all of Hickey Freeman's tangible assets, including the legendary Rochester factory, from W. Diamond Group, and will enter into a 40-year license agreement with Hickey Freeman brand owner Authentic Brands Group, LLC (ABG).
"We couldn't think of a better guardian for the Hickey Freeman brand than the team at Samuelsohn and we are very pleased to have them as our core Hickey Freeman licensee for the next forty years," said Jamie Salter, Chairman and CEO of ABG.
Granovsky will serve as CEO of Hickey Freeman Tailored Clothing ("HFTC"); Arnold Brant Silverstone has been appointed President and Chief Creative Officer and Alan Abramowicz will likewise expand his role to include President and Chief Operating Officer of HFTC. All key management positions at Hickey Freeman have been retained and Silverstone expects to make key hires in the next couple of months in marketing and sales.
The company, which estimates that under their leadership Hickey Freeman will experience as much as 50% growth in the next three to five years, first announced the pending deal at their 90th anniversary event in New York City in July co-hosted by New York State Senator Charles Schumer and philanthropist Petra Nemcova.
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