Broder Bros, the US-based wholesaler of imprintable sportswear, today announced that it has completed its previously announced acquisition of Full Line Distributors, Inc, a wholesale manufacturer and distributor of decorable sportswear.

This acquisition, a part of Broder's strategic growth initiative, was completed by merging a wholly-owned subsidiary of Broder Bros with Full Line Distributors.

The merger was the second and final step in the acquisition. The first step, a cash tender for all of the outstanding common stock of Full Line at a price of $2.95 per share, was completed on August 9, 2001 and resulted in over 97 per cent of Full Line's outstanding shares being tendered.

Pursuant to the merger, shareholders of Full Line who did not tender their shares in the offer had their shares converted into the right to receive $2.95 per share in cash upon presentation to SunTrust Bank, Broder's paying agent, of appropriate documentation. Upon consummation of the merger, Full Line became a wholly owned subsidiary of Broder, and Full Line's common stock ceased to trade on the American Stock Exchange.

Broder Bros. intends to integrate Full Line's six distribution warehouses into Broder Bros.' national network, effectively doubling the geographic reach of the combined company. Broder Bros. also intends to explore the possibility of divesting Full Line's manufacturing business, but plans to continue marketing the proprietary Rabbit Skins and LAT Sportswear brands of the combined company in upcoming catalogs and product guides.

"The completion of our merger with Full Line marks a significant step in Broder's development by joining together two of the nation's leading sportswear wholesalers," said Vince Tyra, CEO of Broder Bros.

"Our management teams are extremely excited about our growth prospects and have developed a detailed transition plan to support the rapid and successful integration of our two companies.

"Furthermore, I am pleased to welcome Isador Mitzner to the Broder management team. Isador has been an industry innovator and I look forward to working with him in his new role as president of our manufacturing division."


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Sports Clothing & Footwear

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