(Filed Under wholesale Lingerie News). HanesBrands announced that it closed the acquisition of Maidenform Brands, Inc., the first week of October for approximately $583 million, in a transaction that was first announced last summer. In addition to Maidenform, Hanes takes over the company-owned intimates brands Flexees, Lilyette, Self Expressions and Sweet Nothings, as well as intimates under the licensed brands, Donna Karan and DKNY.
“Maidenform is a great company with strong brands and a rich tradition of innovation in intimate apparel,” Hanes chairman and CEO Richard A. Noll declared in announcing the closing. “The Maidenform business and brands are a perfect addition and complement to our core business and brands. This is an excellent use of our strong free cash flow to create value.”
According to the Hanes announcement, “The acquisition is expected to create growth and cost savings opportunities and increased scale to serve retailers. The acquisition will complement Hanes’ Innovate-to-Elevate strategy, which integrates the company’s world-class brands, low-cost supply chain and product innovation. Hanes funded the acquisition with cash on hand and short-term borrowings on its revolving credit facility, which will be retired through free cash flow.”
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