Dallas-based Haggar Corp. parent company of Haggar Clothing Co., which markets and licenses men’s
casual and dress apparel and womens sportswear has entered into an agreement with Infinity
Associates LLC; Perseus LLC, Washington (through an affiliate); and Symphony Holdings Ltd., Hong
Kong; whereby Infinity, Perseus and Symphony would acquire Haggar for $212 million. Haggar
stockholders would receive $29 in cash for each share of common stock held.
“This transaction provides
outstanding shareholder value and represents an endorsement of the excellent performance of our
entire team,” said J.M. Haggar III, chairman of the board and CEO, Haggar Corp. “With the new
ownership team and our ability to utilize their respective capabilities, we will be able to
accelerate our strategy of world-class sourcing and will strengthen the marketing power of our
owned and licensed brands, as well as our service to the private-label market. The net result will
be a stronger, more nimble company that is better suited for growth in the global apparel market.”
The merger agreement has been approved by Haggar’s Board of Directors.
The transaction, expected to close by the end of this year, is contingent upon approval by
Haggar stockholders, regulatory review and funding of debt to complete the acquisition.