HanesBrands, a leading marketer of everyday basic apparel, has acquired Maidenform Brands for approximately $583 million.

Maidenform is a leading seller of bras, shapewear and panties under brands such as Maidenform, Flexees, Lilyette, Self Expressions and Sweet Nothings.

“Maidenform is a great company with strong brands and a rich tradition of innovation in intimate apparel,” commented Richard A. Noll, Hanes Chairman and Chief Executive Officer. “The Maidenform business and brands are a perfect addition and complement to our core business and brands. This is an excellent use of our strong free cash flow to create value.”

Acquisition details

The acquisition is expected to create growth and cost savings opportunities and increased scale to serve retailers. The acquisition will complement Hanes’ Innovate-to-Elevate strategy, which integrates the company’s world-class brands, low-cost supply chain and product innovation.

Hanes funded the acquisition with cash on hand and short-term borrowings on its revolving credit facility, which will be retired through free cash flow.

Goldman, Sachs & Co. served as exclusive financial advisor and King & Spalding LLP served as legal counsel to Hanes.

HanesBrands

HanesBrands is a leading marketer of everyday basic apparel under apparel brands like Hanes, Champion, Playtex, Bali, Maidenform, Flexees, JMS/Just My Size, Wonderbra and Gear for Sports.

The company sells T-shirts, bras, panties, shapewear, men’s underwear, children’s underwear, socks, hosiery, and activewear produced in the company’s low-cost global supply chain.

Operating in more than 25 countries, Hanes is a US Environmental Protection Agency Energy Star 2013 and 2012 Sustained Excellence Award winner and 2010 and 2011 Partner of the Year.

www.hanesbrands.com