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Knitting / Apparel

Delta Apparel To Purchase M J Soffe

Vertically integrated knit apparel manufacturer Delta Apparel Inc., Duluth, Ga., recently signed a definitive agreement to purchase Fayetteville, N.C.-based M.J. Soffe Co., a producer of activewear.The transaction, expected to close in September of this year, is valued at up to $72 million, including $52 million in cash that includes retirement of debt, $8 million in promissory notes and up to $12 million in contingent payments based on performance targets.Jim Soffe will continue to serve as CEO of M.J. Soffe.Robert W. Humphreys, president and CEO of Delta Apparel, said, We believe the manufacturing, distribution and marketing synergies between the companies will allow both operations to expand at a faster pace than would be possible on a stand-alone basis.

August 2003