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Gildan Activewear reports second quarter 2016 results

August 2016 – Gildan Activewear Inc. announced its second quarter results for the three months ended July 3, 2016. Consolidated net sales in the second quarter of 2016 amounted to $688.9 million (all figures U.S.), down 3.5% compared to the second calendar quarter of 2015, reflecting sales decreases of 1.4% in the Printwear segment and 7.9% in Branded Apparel.

Net earnings totalled $94.7 million or $0.40 per share on a diluted basis for the quarter, compared with net earnings of $99.4 million or $0.41 per share for the three months ended July 5, 2015.

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Gildan announces agreement to acquire Peds Legwear Inc.

August 2016  – Gildan Activewear Inc. announced that it has signed a definitive agreement to acquire 100% of the equity interest of Peds Legwear Inc. (Peds) for a total cash consideration of $55 million.  The acquisition is expected to close before the end of August 2016.

Peds is a marketer of quality foot apparel and legwear products, including ladies no-show liners, socks and sheer, and therapeutic hosiery sold mainly under the Peds® and MediPeds® brands to U.S. and Canadian retailers. The company currently generates annual sales of approximately $80 million supported by sourced production and a company-owned state-of-the-art manufacturing and distribution facility in Hildebran, North Carolina. (more…)

Investcorp agrees to acquire Polyconcept

July 2016 – Polyconcept, parent company of  Polyconcept North America, has announced that it be acquired by an investment group led by private equity firm Charlesbank Capital Partners.

“Charlesbank is an ideal partner for Polyconcept, and I am looking forward to the opportunities that we will have to grow with them,” David Nicholson, president of Polyconcept North America, said in a statement. “We anticipate the transition to be seamless for both our customers and our employees.”

Polyconcept’s management will remain unchanged, and will put in equity along with Charlesbank and other investors to finance the transaction. Terms of the agreement were not disclosed. The sale is expected to close later in this year’s third quarter.