News:


HanesBrands to Acquire Knights Apparel

March 4, 2015

HanesBrands, Winston-Salem, N.C., has entered into a definitive purchase agreement to acquire Knights Apparel from affiliates of Merit Capital Partners.

Founded in 2001, Knights has approximately 210 employees with primary offices and a distribution center located in Spartanburg, S.C. The company sells T-shirts, sweat shirts and other sports apparel with college logos and graphics primarily to mass merchant retailers, representing 400 of the largest U.S. colleges and universities. Knights is forecast to have sales of approximately $180 million for full-year 2015.

The all-cash transaction values Knights at approximately $200 million on an enterprise-value basis. The acquisition, which is subject to antitrust review and other customary closing conditions, is expected to close early in second-quarter 2015.

“Knights Apparel has a tremendous business model and a highly talented team of employees,” said John T. Marsh, HanesBrands group president, global activewear. “With Knights Apparel added to our existing Gear for Sports collegiate bookstore business, we are building a powerful licensed college apparel business that we can leverage with our substantial capabilities in apparel production, graphic design and graphic printing.”


When the acquisition is closed, Knights Apparel CEO Joe Bozich will join Hanesbrands.

For more information, visit hanes.com. — L.M.