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HanesBrands Agrees To Buy Champion Europe

(Filed Under wholesale Lingerie News). HanesBrands entered into “a definitive purchase agreement to acquire Champion Europe, which owns the trademark for the Champion brand in Europe, the Middle East and Africa.”

HanesBrands already owns Champion in the Americas, Asia and Australia. According to the company, “Combining the Champion businesses will create a unified growth platform to benefit from the global consumer growth trend for active apparel.”

Hanes has made several acquisitions in recent years (including Maidenform in 2013) and has spoken frequently about adding more in its conference calls with analysts.

According to its announcement, “Hanes has agreed to acquire the privately held Champion Europe, based in Italy, in an all-cash transaction. The purchase price will be 10 times actual calendar 2016 earnings before interest, taxes, depreciation and amortization, subject to adjustment for cash, debt and working capital. Champion Europe expects 2016 net sales of more than €190 million, operating profit of approximately €15 million, and EBITDA of approximately €20 million.” Based on those numbers, the purchase price would be approximately $225 million based on current exchange rates and excluding adjustments.

“The acquisition, which is subject to certain closing conditions, is expected to close midyear 2016. Hanes intends to take advantage of its strong balance sheet to fund the acquisition with debt, consistent with its previously communicated capital allocation strategy.”

“Champion Europe designs, sources and sells Champion athletic apparel wholesale to retailers and directly to consumers via company-owned retail stores. The company’s largest wholesale markets are Italy, Greece, Spain and Scandinavia, while the company operates approximately 130 retail stores in Italy and Greece.”

“Champion in Europe will be run as a division of the company’s global Champion organization. Sauro Mambrini, chief executive officer and president of Champion Europe, will remain with HanesBrands to oversee Champion Europe operations.

“This is a great time to do an acquisition,” Hanes chairman and CEO Richard Noll declared. “Our overall business is trending as expected; our recent acquisitions are performing well; we have a vision for Champion as a global brand; and we feel good about delivering double-digit earnings growth in 2016 and for many years to come.”

more wholesale Lingerie News >>

Published 04-22-2016 by -

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