Hanesbrands Buys Alternative Apparel for $60 Million
HBI made another bolt-on acquisition, its third in the last six years, with the purchase of the Norcross GA-based Alternative Apparel which will have sales of about $70 million this year. HBI said the post acquisition multiple of EBITDA after integration will be about 3.5 and that it would fund the purchase with cash on hand and its existing credit line. It also pre-announced Q3 earnings in line with guidance for net sales of about $1.8 billion and EPS of $0.55 ($202.4 million).
Alternative Apparel sells better T-shirts with a roughly even split between sales through wholesale channels and DTC sales ... Log in to view full article.