Loading...
Loading...
Superior Uniform Group, Inc.
("Superior Uniform Group" or "Superior")
, today announced the
acquisition of substantially all of the assets of HPI Direct, Inc. ("HPI" or
"HPI Direct") of Alpharetta, Ga., effective today. Since 1993, HPI Direct has
built a stellar reputation for quality and responsiveness as a privately owned
company specializing in the design, manufacture and distribution of uniforms
to major domestic retailers, foodservice chains, transportation and other
service industries throughout the United States. HPI's award-winning image
apparel is worn by some of the most prestigious brands in the markets that
they serve. The transaction is an asset purchase including the assumption of
certain liabilities.
The purchase price for the transaction consists of approximately $32.5 million
in cash, subject to adjustment, the issuance of approximately $2.3 million in
shares of Superior Uniform Group's common stock, the potential future payment
of up to $7.2 million in additional contingent consideration through 2017, and
the assumption of certain liabilities of HPI Direct. The transaction also
includes the acquisition of the corporate offices and warehouse distribution
facility from an entity related to HPI Direct. Concurrent with the closing of
the acquisition, Superior renewed its $15 million revolver agreement and
entered into a new term loan for $30 million. Both credit facilities carry
five year terms and variable interest rate of LIBOR plus 0.95%.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
We simplify the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in