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The acquisition is expected to close in the third quarter of fiscal 2018. The purchase price for the transaction will be paid in cash.
"On behalf of the Board, I am thrilled that we were able to structure a transaction with the Fung family to acquire one of the leading branded consumer soft goods companies in North America with a world class management team led by Jason Rabin. He and his team plan to invest significant capital into this Transaction, which will transform Differential into a large scale North American branded platform," William Sweedler, chairman of the board of directors.
"We are thrilled to join Differential Brands Group and lead our combined platform by leveraging our expansive infrastructure, distribution and sourcing networks to drive growth, and we look forward to working with the Differential management team and Tengram to help support the Company's growth as it capitalizes on promising market opportunities. We are proud of what we have accomplished since joining Li & Fung in 2009, judiciously expanding the GBG platform and driving profitability, and thank them for their long-standing support and partnership," Jason Rabin, current president of GBG North America.
"Rabin has a proven track record of successfully growing numerous world class brands since inception. We are confident this transaction will create tremendous value for our stockholders, as well as provide enhanced opportunities in North America for our brands and business partners," Sweedler added. (RR)
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