Hanesbrands Inc. an American clothing company based in Winston-Salem, North Carolina. This socially responsible manufacturer and marketer of leading everyday basic apparel under some of the world's strongest apparel brands have completed the takeover of Knights Apparel.
On 6 April, it took the acquisition of the socially responsible leading producer of sports apparel in North America for $200 million in cash on an enterprise basis.
The acquisition is expected to add more than $450 million to annualized sales of licensed and graphic apparel and provide significant growth opportunities for college licensed brands
The acquisition was funded through cash on hand and short-term borrowings on its revolving credit facility. The acquisition was announced on Feb 25, 2015.
The acquisition is a strategic fit for Hanesbrands. While Knights Apparel sells T-shirts, sweatshirts and other sports apparel with college logos and graphics primarily to mass merchant retailers, Hanesbrandsâ€™ Gear for Sports division is a leading seller of licensed collegiate apparel to university bookstores.
The acquisition will boost Hanesbrandsâ€™ licensed and graphic apparel business and allow Knights to leverage its strong brands, company-owned apparel production and graphic attribution, and embellishments. With the takeover, Hanesbrands also became the leading seller of licensed college logo apparel in both the retail and college bookstore channels.
The company believes that the acquisition synergy and Hanesbrandsâ€™ endeavor to continuously innovate will offer it a competitive advantage.
Hanesbrands is expected to announce sales and profit contributions from the acquisition on the first-quarter fiscal 2015 earnings conference call to be held later this month.
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