USA: Mothers Work Completes iMaternity Acquisition
The consideration includes $19.5m in preferred stock and warrants to purchase 350,000 shares of Mothers Work common stock at a price of $22.50 per share.
Mothers Work plans to operate the majority of the Dan Howard and Mothertime stores, absorb the Chicago corporate functions into Mothers Work's infrastructure and to shut down the Costa Rican manufacturing operations.
iMaternity is expected to add $40 to $45m in revenues and $5.5 to $7.0m of EBITDA and be incremental to earnings in the first year.
Companies: Destination Maternity
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