USA: Innovo Unit Pays $22m For Azteca Denim Unit
The California-based company said in a statement the acquisition of the key denim jeans supplier to apparel chain American Eagle Outfitters Inc (AEO) includes customer lists and current purchase orders and it will employ Blue Concepts' current employees.
It won't assume any of Blue Concept's or Azteca's existing or future liabilities and added the firm enjoyed sales of $75m for the year ended January.
Innovo Group CEO Jay Furrow commented: "We believe this is truly a unique opportunity for the company and we look forward to having the Blue Concepts team as part of the company and having the opportunity to work with AEO, one of the premier retailers in the world."
"We are confident in our ability to continue to grow the Blue Concept division by expanding the scope of the relationship with AEO. However, should any unforeseen near-term events arise that result in the revenues of the division falling below a predetermined level, we have negotiated a series of provisions that provide for a level of protection through the reduction of the purchase price."
"We believe this acquisition perfectly compliments our existing operations and with the critical mass and synergies created as a result of this acquisition, we believe that company's likelihood for continued success is greater than ever."
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