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Hanes buys sportswear brand Champion Europe

Hanes Brands will acquire Champion Europe. Hanes intends to take advantage of its strong balance sheet to fund the acquisition with debt. It will acquire the privately held Champion Europe, based in Italy, in an all-cash transaction. The purchase price will be 10 times actual calendar 2016 earnings before interest, taxes, depreciation and amortisation, subject to adjustment for cash, debt and working capital.

Champion Europe, based in the US, is a leading designer, marketer and distributor of athletic apparel and accessories across Europe, Africa and the Middle East. It is defined by an American athletic heritage and a reputation for providing innovative and durable products for male and female athletes and teams throughout the world for a wide variety of sports.

Sauro Mambrini, chief executive officer and president of Champion Europe, will remain with Hanes Brands to oversee Champion Europe operations.

Hanes, based in the US, offers comfortable, attractive clothing for men, women and children, including T shirts, hoodies, underwear and more.

The acquisition is expected to close mid year 2016. Hanes has a vision for Champion as a global brand. Combining the Champion businesses will create a unified growth platform to benefit from the global consumer growth trend for active apparel.

www.hanes.com/

 
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