Apparel / Accessories
New Wave Group AB's New Wave USA Inc Acquires Craft North America Business From Karhu North America
New Wave Group AB announced that through its wholly owned subsidiary New Wave USA Inc, acquired that part of Karhu`s business relating to distribution of CRAFT products, including inventory, certain intellectual property and contract rights. The transaction is structured as an asset acquisition. The initial purchase price amounts to USD 3 million with an additional contingent price based on the results of the business over the next five years. The total contingent price cannot exceed USD 4.75 million. Three Karhu employees will transfer in connection with the acquisition. Because the acquired business has been operated within Karhu`s other operations, no separate audited sales and earnings statements are available for the CRAFT distribution business. The acquired business will be managed by a newly founded US company: Craft Sportswear North America LLC; an indirect wholly owned subsidiary of New Wave USA Inc. The present CEO of Karhu, Huub Valkenburg who was the founder of the CRAFT distribution business in North America, will continue as CEO of the new company, which will still be operated and headquartered in Beverly, Massachusetts.
Superior Uniform Group Inc Announces Acquisition of HPI Direct, Inc
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%.
LVMH Moet Hennessy Louis Vuitton SA Acquires Pasticceria Cova-Les Echos
Les Echos reported that LVMH Moet Hennessy Louis Vuitton SA has acquired an 80% stake in the business which controls the historic Pasticceria Cova cafe in Milan. Aside from the cafe/restaurant the company owns 20 sales outlets internationally.
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