© Reuters.
By Abigail Summerville
NEW YORK (Reuters) – Non-public fairness agency Kelso & Co is exploring a sale of Augusta Sportswear Manufacturers in a deal that might worth the U.S. catalog vendor of staff sports activities uniforms and attire at between $700 million and $800 million, together with debt, in line with folks conversant in the matter.
Kelso is working with funding financial institution Robert W. Baird & Co on an public sale course of for Augusta, the sources stated. Augusta generates roughly $80 million in 12-month earnings earlier than curiosity, taxes, depreciation and amortization, the sources added.
The sources requested anonymity as a result of the matter is confidential. Kelso declined to remark, whereas Augusta and Baird didn’t instantly reply to requests for remark.
Apart from Augusta, the corporate’s manufacturers embody Holloway, Russell Athletic, Excessive 5, CCM and Pacific Headwear.
Based in 1977 by Brian Marks on the age of 27, Augusta was initially known as Canvas Merchandise of Georgia and manufactured laundry and duffel baggage. Kelso acquired Augusta from one other personal fairness agency, Quad-C Administration Inc, in 2012 for an undisclosed quantity.
Credit score rankings company Moody’s (NYSE:) Traders Service Inc downgraded Augusta in March from excessive danger to very excessive danger, arguing that its $347 million mortgage and $40 million revolving facility constituted a burden that left it with restricted liquidity.
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