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Delta Apparel to buy t-shirt maker for $20m

18
Aug '06
Apparel manufacturer Delta Apparel Inc has signed an asset purchase agreement to acquire substantially all of the net assets of privately held Fun-Tees Inc.

The acquisition is expected to close on or around Monday, October 2nd 2006, subject to the satisfaction of various closing conditions.

The purchase price for the transaction is $20 million in cash, subject to certain post-closing adjustments, including an adjustment based on the actual working capital purchased.

Delta Apparel expects to finance the purchase through an amendment to its asset-based secured revolving credit facility. The agreement can be terminated under various circumstances, including, among others, by Delta Apparel if it is unable to obtain satisfactory financing and by either party if the transaction fails to close by October 31st 2006.

Fun-Tees Inc is in the business of designing, manufacturing, marketing, and selling private labeled custom knit t-shirts primarily to major branded sportswear companies.

Delta Apparel believes that the strength of Fun-Tees is its flexibility to custom-manufacture products in a variety of garment styles, fabrics and colors. Fun-Tees was founded in 1972 and is headquartered in Concord, North Carolina.

Delta Apparel expects to integrate the Fun-Tees textile operations into its Maiden, North Carolina facility during fiscal year 2007 and to maintain the Fun-Tees off-shore cutting, sewing and decorating facilities located in El Salvador and Campeche, Mexico. It expects the Fun-Tees acquisition to increase the activewear segment sales by approx. $70 million in sales on an annual basis and be immediately accretive to per share earnings.


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