Delta Galil acquires PJ Salvage brand
Lingerie, sleepwear and sock manufacturer Delta Galil Industries has agreed to buy the PJ Salvage brand and other assets of California-based Loomworks Apparel, a leading sleepwear, loungewear and intimates business.
The deal, Delta Galil says, expands its position in sleepwear and intimate apparel, and will allow it to target growth opportunities in upscale international department stores and speciality retailers.
In addition to the PJ Salvage brand, Delta Galil will acquire all of Loomworks’ operations, including its brand names and trademarks, intangibles, working capital and certain liabilities, which will become part of US subsidiary Delta Galil USA.
"The acquisition of this respected brand is a further step in the growth of our branded business, and we plan to build on this opportunity to expand PJ Salvage in upper end retailers in the US and globally," said Delta Galil CEO Isaac Dabah.
Although financial details were not disclosed, Delta said the deal is expected to be accretive to its earnings, and should close by the end of July.
Earlier this year, Delta Galil said it was open to strategic acquisitions that would leverage its expertise in design, production, marketing and financial strength.
In May, the business revealed it is investing in new products, as well as additional manufacturing and retail space, after seeing its first-quarter profit fall 4.3% to US$8.9m. Sales increased 6% to $252.8m.
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