M&A Deal Summary

Hanes Acquires Knights Apparel

On February 24, 2015, Hanes acquired apparel/textiles company Knights Apparel from Merit Capital Partners for 200M USD

Acquisition Highlights
  • This is Hanes’ 5th transaction in the Apparel/Textiles sector.
  • This is Hanes’ 5th largest (disclosed) transaction.
  • This is Hanes’ 3rd transaction in the United States.
  • This is Hanes’ 1st transaction in South Carolina.

M&A Deal Summary
Date 2015-02-24
Target Knights Apparel
Sector Apparel/Textiles
Buyer(s) Hanes
Sellers(s) Merit Capital Partners
Deal Type Add-on Acquisition
Deal Value 200M USD
Advisor(s) Guggenheim Securities (Financial)
Vedder Price P.C. (Legal)

Target

Knights Apparel

Spartanburg, South Carolina, United States
website
Knights Apparel, Inc. is a designer and supplier of licensed sports apparel. Knights is a licensee for colleges and universities, professional leagues, and professional teams, often under arrangements providing some level of exclusivity. Knights’ products include apparel across a number of categories, including t-shirts, fleeces and sweatshirts, and shorts for men, women, and infant/toddler consumers. Its products are sold to big box retailers, specialty sporting goods stores and bookstores.

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Buyer(S) 1

Buyer

Hanes

Winston-Salem, North Carolina, United States

website

Category Company
Founded 1901
Sector Apparel/Textiles
Employees50,000
Revenue 6.2B USD (2022)
DESCRIPTION
Entrance to Hanesbrands' corporate headquarters in Winston-Salem, North Carolina.
Entrance to Hanesbrands' corporate headquarters in Winston-Salem, North Carolina.

Hanes is a consumer goods company with a portfolio of apparel brands, including Hanes, Champion, C9 by Champion, Bali, Playtex, Just My Size, L’eggs, barely there, Wonderbra, Gear for Sports, Zorba, Sol y Oro and Rinbros. Hanesbrands designs, manufactures, sources and sells a broad range of basic apparel such as T-shirts, bras, panties, men’s underwear, kids’ underwear, casualwear, activewear, socks and hosiery. Hanesbrands was formed in 2005 and spun-off from Sara Lee Corp. in 2006. Hanes was founded in 1901 and is basd in Winston-Salem, North Carolina.

DEAL STATS #
Overall 5 of 9
Sector (Apparel/Textiles) 5 of 7
Type (Add-on Acquisition) 5 of 9
State (South Carolina) 1 of 1
Country (United States) 3 of 4
Year (2015) 1 of 1
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-25 DBApparel SA

Rueil-Malmaison, France

DBApparel designs, manufactures and markets branded ladies and men's intimate apparel with such well-known names as DIM, Playtex*, Wonderbra*, Lovable, Abanderado, Princesa, Unno, Nur Die, Chantal Thomass, Bellinda, and Shock Absorber. With key market positions in France, Germany, Italy, Spain, the United Kingdom, and throughout Eastern Europe, products are sold through traditional trade channels (department stores, retailers, wholesalers, and mail order) as well as specialized chain stores and mass market retailers.

Buy $550M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-07 Champion Europe

Carpi, Italy

Champion Europe S.p.A designs, sources and sells champion athletic apparel wholesale to retailers and directly to consumers via company-owned retail stores.

Buy -

Seller(S) 1

SELLER

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 30 of 52
Sector (Apparel/Textiles) 1 of 1
Type (Add-on Acquisition) 14 of 27
State (South Carolina) 1 of 1
Country (United States) 30 of 51
Year (2015) 1 of 1
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-01 Advantage Sintered Metals

Battle Creek, Michigan, United States

Advantage Sintered Metals is a manufacturer of structural powder metal components used in numerous end applications and sold primarily to original equipment manufacturers in the outdoor power, medical, office equipment and heavy vehicle industries. Advantage Sintered Metals is based in Battle Creek, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-03 Medway Air Ambulance

Lawrenceville, Georgia, United States

Medway Air Ambulance is a provider of fixed-wing medical air ambulance services. The Company is the provider of choice for insurance companies, hospitals and governments worldwide. Medway Air Ambulance was founded in 1987 and is based in Lawrenceville, Georgia.

Buy -
Mergr

Product

Company

Legal