The company expects to reap an extra operating income of $7 million and earnings per share of $0.20 in the remaining weeks of fiscal 2016 from this acquisition, excluding transaction expenses, integration costs and the impact of non-cash purchase accounting adjustments required under GAAP, according to a press statement released by Oxford.
The funds required for this transaction were obtained from the US credit facility borrowings. Under the purchase agreement, the purchase price is subject to adjustment based on net working capital at closing.
Commenting on the acquisition, Thomas Chubb III, chairman and CEO of Oxford said, “We are excited to add Southern Tide to our portfolio of distinctive lifestyle brands. We believe this business is an excellent fit and expect our operating platform to facilitate continued growth.”
“It is also a brand we know well; Oxford's relationship with Southern Tide goes back to 2009 when we began providing sourcing and production services to them. Since then, we have been a partner and first hand observer of the strength of the brand, the quality of the management team and their clear potential to capture and manage growth,” Chubb said.
Additionally, Christopher Heyn, CEO of Southern Tide said, “We are very pleased to be joining the Oxford team and believe our business will continue to flourish under its guidance. Oxford has a deep appreciation for lifestyle branding and an excellent track record of growth with brands like ours.”
“With this acquisition, we continue to execute our strategy of delivering shareholder value through a diversified platform of great lifestyle brands,” Chubb added. (MCJ)
Fibre2Fashion News Desk
| On 20th Apr 2021
The Australian Human Rights Commission has released new human rights...
| On 20th Apr 2021
Egypt is going full throttle with the construction of a textiles...
A 14-day lockdown imposed to curb the spread of COVID-19 pandemic has ...
Blockchain is not a silver bullet for each and every problem in supply...
Fashion tech has to be lean and very productive
Marry craft and utility
Hollywood Footwear’s story began in 1946 when Jummabhai Ajani started the...
Delhi-headquartered Cantabil Retail India Ltd was founded by Vijay Bansal...
Established in 2018, Forsarees is a socially driven business enterprise,...
EDANA has been the leading global association and voice of the nonwovens...
UK-based Directa Plus is one of the largest producers and suppliers...
Headquartered in Belgium and with offices in the United Kingdom, Portugal...
Abhishek Bajaj & Samiksha Bajaj
Samshek is a fashion forward tech brand which combines digital experience...
A Humming Way
A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...
Label Sneha Arora
Sneha Arora, an alumnus of National Institute of Fashion Technology,...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.
Download Free Report
Rising Opportunities in Technical Textiles Market: 2020-2026
Thank you for showing interest in our free report on 'Rising Opportunities in Technical Textiles Market: 2020-2026'
You will receive an email shortly with a link to download the report and in case if you don't receive our email, you can write back to firstname.lastname@example.org.