Differential Brands completes acquisition of Swims AS
Courtesy: Differential Brands
Differential Brands Group said it has completed the acquisition of Scandinavian lifestyle brand, Swims AS, known for its range of fashion-forward, water-resistant footwear and sportswear.
Swims distributes its products worldwide through high-end department stores, independent specialty stores, luxury resorts and also through its own website and through ten licensed Swims branded stores.
According to the company, the acquisition and related expenses were financed through a combination of Differential's common stock totaling approximately 700,000 shares, certain warrants and cash.
Differential acquired the brand by also obtaining a $13.0 million bridge financing facility to facilitate closing of the transaction.
Michael Buckley, CEO of Differential Brands said, “We believe that Swims offers significant growth opportunity through increased brand awareness and continued expansion in the US and global markets.”
Alex Eskeland, president of SWIMS too said, "We are excited to partner with the Differential Brands team to capitalise on their expertise and infrastructure, as well as leverage their omni-channel distribution strategy.” (AR)
Fibre2fashion News Desk - India