- Angela Gonzalez-Rodriguez |
HanesBrands announced Wednesday that it has completed the acquisition of sports apparel maker Knights Apparel. The deal was first reported in February and closed this Monday, according to the company.
"We’d like to welcome Knights Apparel to the Hanes team,” said Richard Noll, Hanesbrands' Chairman and CEO. “The acquisition of Knights Apparel is an excellent value-creating opportunity for our growing activewear segment and our shareholders. We are eager to begin the integration of Knights Apparel to take advantage of our existing Gear for Sports licensed collegiate apparel business, our expertise and size in the mass retail channel, and our low-cost global supply chain.”
HanesBrands paid 200 million dollars in cash to buy Knights Apparel from investment firm Merit Capital Partners.
Earlier this year, Hanesbrands said that with the addition of Knights, its licensed and graphic apparel sales will total more than 450 million dollars a year.
Knight Apparel makes T-shirts, sweatshirts and other sports apparel with college logos on them. HanesBrands, based in Winston-Salem, North Carolina, said the acquisition will help it grow its activewear segment, reported Associated Press.
Likewise, HanesBrands makes T-shirts, bras, underwear and other apparel under several brands, including Hanes, Playtex, Champion and Wonderbra.
On the wakes of the news, shares of HanesBrands Inc. gained 21 cents to 34 dollars in midday trading Wednesday. Its shares have risen more than 85 percent over the past year.