"We are very excited to add Bras N Things to our strong Hanes Australasia business unit," said Hanes chief executive officer Gerald W Evans Jr. "With its highly effective 100 per cent consumer-direct business model and strong millennial following, Bras N Things is a strategic and complementary addition to our business portfolio. In addition, we are adding seasoned management depth to our already outstanding Hanes Australasia management team."
Bras N Things CEO George Wahby will continue to run the business and will join the Hanes Australasia management team led by president and managing director David Bortolussi. Bras N Things attracts millennial consumers with on-target core products supplemented by seasonal product offerings.
The all-cash transaction valued at approximately $400 million on an enterprise-value basis. The purchase price is approximately 10 times 2017 EBITDA and is expected to be less than 8 times EBITDA after cost and revenue synergies. The acquisition is expected to be accretive to earnings in 2018.
Hanes created its Hanes Australasia business unit with the acquisition of Pacific Brands in 2016. The acquisition featured Bonds, Australia’s top brand of underwear, babywear and socks, and Berlei, the country’s No. 1 sports bra brand and leading seller of premium bras in department stores. Hanes Australasia also sells Bonds basic apparel, Playtex intimate apparel and Champion activewear in Australia.
Hanes supports its commercial business units around the world with the company’s global low-cost supply chain and manufacturing network, which primarily consists of company-owned and operated production facilities. (RR)
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