Gildan Activewear has announced that it is to acquire 100% of Peds Legwear in a deal estimated to be worth $55m.
Peds is a marketer of quality foot apparel and legwear products, including ladies no-show liners, socks and sheer, and therapeutic hosiery sold under the Peds and MediPeds brands in the US and Canada.
The company currently generates sales of approximately $80m supported by sourced production and a company-owned state-of-the-art manufacturing and distribution facility in North Carolina.
Glenn Chamandy, president and CEO of Gildan, said: “The Peds brand comes with a strong heritage, particularly in the ladies category, and is a good complementary addition to Gildan’s gorwing portfolio of brands.”
The acquisition is expected to create revenue growth opportunities by leveraging Gildan’s existing customer relationships to broaden the channels of distribution for the Peds and MediPeds brands by extending these brands into Gildan’s other product categories. In addition, Peds current distribution into the footwear channel provides broader access in this channel for Gildan’s brand and product portfolio.
Michael Penner, CEO of Peds Legwear, said: “This company was originally founded 80 years ago in Quebec and we are proud to have successfully built Peds and MediPeds into such strong brands.
“Gildan has had great success over the years building its manufacturing leadership and strong portfolio of brands and we feel it is well-positioned to take the Peds brands to new heights.”