HanesBrands Completes Acquisition of Maidenform
HanesBrands, based in Winston-Salem, N.C., recently announced that it has closed the acquisition of Maidenform Brands Inc. for approximately $583 million. HanesBrands had entered into a definitive agreement to acquire the company in July.
“Maidenform is a great company with strong brands and a rich tradition of innovation in intimate apparel,” Hanes chairman and CEO Richard A. Noll said. “The Maidenform business and brands are a perfect addition and complement to our core business and brands. This is an excellent use of our strong, free cash flow to create value.”
Maidenform sells intimate apparel, bras, shapewear and panties under brands such as Maidenform, Flexees, Lilyette, Self Expressions and Sweet Nothings, as well as Donna Karan and DKNY intimate apparel under license.
The acquisition, which was funded with cash on hand and short-term borrowings on its revolving credit facility that will be retired through free cash flow, is expected to create growth and cost savings opportunities and increased scale to serve retailers. It also will complement Hanes’ "Innovate-to-Elevate" strategy, which integrates the company’s world-class brands, low-cost supply chain and product innovation.
For more information, visit www.hanesbrands.com.