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Superior Uniform Group Inc Announces Acquisition of HPI Direct, Inc

Monday, 1 Jul 2013 02:00pm EDT 

Superior Uniform Group Inc announced the acquisition of substantially all of the assets of HPI Direct, Inc. (HPI or HPI Direct) of Alpharetta, Ga., effective. Since 1993, HPI Direct has built a stellar reputation for quality and responsiveness as a privately owned company specializing in the design, manufacture and distribution of uniforms to domestic retailers, foodservice chains, transportation and other service industries throughout the United States. HPI's image apparel is worn by some of the prestigious brands in the markets that they serve. The transaction is an asset purchase including the assumption of certain liabilities. The purchase price for the transaction consists of approximately $32.5 million in cash, subject to adjustment, the issuance of approximately $2.3 million in shares of Superior Uniform Group's common stock, the potential future payment of up to $7.2 million in additional contingent consideration through 2017, and the assumption of certain liabilities of HPI Direct. The transaction also includes the acquisition of the corporate offices and warehouse distribution facility from an entity related to HPI Direct. Concurrent with the closing of the acquisition, Superior renewed its $15 million revolver agreement and entered into a new term loan for $30 million. Both credit facilities carry five year terms and variable interest rate of LIBOR plus 0.95%. 

Company Quote

0.18 +0.86%
18 Sep 2014