Winston-Salem, N.C.-based HanesBrands has entered into an agreement to buy Spartanburg-based Knights Apparel Inc. from affiliates of Merit Capital Partners, Chicago. Knights Apparel sells licensed collegiate T-shirts, sweatshirts and other sports apparel to the mass retail channel.
The all cash transaction value for Knights Apparel is approximately $200 million on an enterprise-value basis. The purchase is expected to close early in the second quarter 2015.
“Knights Apparel has a tremendous business model and a highly talented team of employees,” said John T. Marsh, HanesBrands group president, Global Activewear. “With Knights Apparel added to our existing Gear for Sports collegiate bookstore business, we are building a powerful licensed college apparel business that we can leverage with our substantial capabilities in apparel production, graphic design and graphic printing.”