DULUTH, Ga. — October 2, 2023 — Delta Apparel Inc. — a provider of core activewear, lifestyle apparel and on-demand digital print strategies — today announced that it has received an unsolicited offer to purchase its Salt Life business unit and its Board of Directors has engaged Baird as the company’s financial advisor.
Bob Humphreys, chairman and CEO, commented: “Our Board of Directors and management team are committed to maximizing value for Delta Apparel shareholders, and we believe it is in their best interests to conduct a thorough review of strategic options for our Salt Life business given the widespread interest in it. The Salt Life team has done an excellent job in taking what was essentially a small regional brand with a primarily wholesale business when we acquired it in 2013 and growing it into a highly profitable business with over $60 million in revenue, a consumer base stretching across the United States and internationally, and a variety of new go-to-market strategies, product categories and revenue channels. Today, Salt Life products are offered in over 1,700 wholesale doors across 48 states and direct-to-consumer via a growing eCommerce site as well as 25 branded retail stores spanning the U.S. coastline from California to Florida to New York.”
There can be no assurances as to the timing, terms or structure of any potential transaction or that a transaction will consummate. Any decision with respect to a potential transaction or other strategic alternative remains subject to approval by the Delta Apparel Board of Directors. Delta Apparel does not intend to comment on the above-referenced process or disclose additional developments until its Board of Directors approves a specific transaction or otherwise concludes its review of strategic alternatives.
Posted: October 4, 2023
Source: Delta Apparel Inc.