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Hosiery industry leaders to merge
19 Aug '06
4 min read
Two of the hosiery industry's leading companies, Gold Toe Investment Corp and Moretz Inc, will combine in a transaction announced, creating one of the largest global sock companies.
The deal is backed by an investment from The Blackstone Group, a global private investment and advisory firm, which is acquiring Gold Toe and simultaneously facilitating a merger between the two companies.
In addition to a meaningful direct presence via its online and owned and operated outlet stores, the combined company will be a leading supplier to the department store and specialty sporting goods channels and have a significant presence in the growing mass market channel.
The company will possess a diverse portfolio of highly recognized brands across all retail channels. Together, Gold Toe and Moretz will have the financial and management resources to pursue new growth opportunities by expanding product lines and distribution.
The senior management teams of Gold Toe and Moretz will remain with the combined company following the merger. As a result of its investment, The Blackstone Group will be the majority owner of the company; John Moretz, CEO, will be the second largest shareholder and an affiliate of Vestar Capital Partners, the current majority owner of Gold Toe, will retain a minority stake.
John Moretz, CEO of Moretz, said, “I am extremely pleased and honored that our two companies can join together and create an entity of unparalleled opportunity. The combination of Gold Toe and Moretz, coupled with Blackstone's vision and financial power, will bring to the marketplace a leading collection of brands and private label capabilities to the industry.”
The deal is backed by an investment from The Blackstone Group, a global private investment and advisory firm, which is acquiring Gold Toe and simultaneously facilitating a merger between the two companies.
In addition to a meaningful direct presence via its online and owned and operated outlet stores, the combined company will be a leading supplier to the department store and specialty sporting goods channels and have a significant presence in the growing mass market channel.
The company will possess a diverse portfolio of highly recognized brands across all retail channels. Together, Gold Toe and Moretz will have the financial and management resources to pursue new growth opportunities by expanding product lines and distribution.
The senior management teams of Gold Toe and Moretz will remain with the combined company following the merger. As a result of its investment, The Blackstone Group will be the majority owner of the company; John Moretz, CEO, will be the second largest shareholder and an affiliate of Vestar Capital Partners, the current majority owner of Gold Toe, will retain a minority stake.
John Moretz, CEO of Moretz, said, “I am extremely pleased and honored that our two companies can join together and create an entity of unparalleled opportunity. The combination of Gold Toe and Moretz, coupled with Blackstone's vision and financial power, will bring to the marketplace a leading collection of brands and private label capabilities to the industry.”
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