US-based Sutter Holding has bought the assets of top Korean children's wear firm CIC & Company in a stock purchase transaction.

The purchase price of the deal was not disclosed.

"We are pleased to have acquired Korea's leader in children's fashion and look forward to expanding their brands into the North American Market," said Zirk Engelbrecht, Sutter's outgoing chairman.

"This acquisition is a substantial opportunity for both Sutter and CIC's shareholders," added Engelbrecht.

CIC's CEO Lee Jung Woo said: "CIC's management team is well-equipped with extensive experience in the fashion retail business and proven expertise in consumer marketing.

"We are ready to enter North America and grow our business exponentially."

CIC & Company will continue to trade under the symbol SRHI until assigned its new trading symbol.

The 1999-established company's goods, including the 'Renoma Junior' line, are sold in retail apparel stores throughout Korea, China and Japan.

The business made doubled profits of more than US$1m in 2005 on revenues of $15,6m.

It now plans to continue to buy new brands as well as pursuing further global growth.