Montreal-based family apparel marketer Gildan Activewear Inc. announced it was acquiring 100% equity shares of Peds Legwear Inc. (Peds) a popular ladies foot apparel and legwear brand, for $ 55 million.
“The acquisition is subject to customary closing conditions and is expected to close before the end of August 2016,” Gildan said in a press release.Montreal-based family apparel marketer Gildan Activewear Inc. announced it was acquiring 100% equity shares of Peds Legwear Inc. (Peds) a popular ladies foot apparel and legwear brand, for $ 55 million. “The acquisition is subject to customary closing conditions and is expected to close before the end of August 2016,” Gildan said in a press release.#
Peds is a marketer of quality foot apparel and legwear products, including ladies no-show liners, socks and sheer, and therapeutic hosiery sold mainly under the Peds® and MediPeds® brands to U.S. and Canadian retailers. The company currently generates annual sales of almost $80 million supported by sourced production and a company-owned state-of-the-art manufacturing and distribution facility in Hildebran, North Carolina.
“The Peds® brand comes with a strong heritage, particularly in the ladies category, and is a good complementary addition to Gildan's growing portfolio of brands,” said Glenn Chamandy, President and CEO of Gildan.
The acquisition is expected to create revenue growth opportunities by leveraging Gildan's existing customer relationships to broaden the channels of distribution for the Peds® and MediPeds® brands and by extending these brands into Gildan's other product categories, the company statement said.
In addition, Peds' current distribution into the footwear channel provides broader access in this channel for Gildan's brands and product portfolio. “This company was originally founded 80 years ago in Quebec and we are proud to have successfully built Peds® and MediPeds® into such strong brands,” said Michael Penner, Chief Executive Officer, Peds Legwear.
“Gildan has had great success over the years building its manufacturing leadership and strong portfolio of brands and we feel it is well-positioned to take the Peds brands to new heights.”
Gildan is a leading manufacturer and marketer of quality branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery, and shapewear. The Company sells its products under a diversified portfolio of company-owned brands, such as Gildan, Gold Toe, Anvil Comfort Colors, Alstyle, Secret, Silks, Kushyfoot, Secret Silky and Therapy Plus brand. It has large-scale manufacturing facilities, which are primarily located in Central America, the Caribbean Basin, North America and Bangladesh. (SH)
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