US: Randa completes acquisition of Swank
Randa Accessories Leather Goods has completed its acquisition of Swank, a designer and marketer of men's and women's belts, and men's leather accessories, jewelery and suspenders.
Randa said it paid US$10 per share, or approximately US$57.3m for the business. Swank will continue to operate as a wholly-owned subsidiary of Randa, led by Swank chairman and CEO John Tulin.
"We are very pleased that Swank is joining our family of companies," said Randa CEO Jeffrey Spiegel.
"The strategic benefits of this combination are clear and we are happy to have provided terms that were financially attractive for Swank's stockholders. Randa continues to invest in the future of our company, our associates, and our retail and brand partners. This acquisition provides additional classifications, points-of-sale, brands, and scale to our growing business."
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