Kellwood to acquire kidswear brand Hanna Andersson
14 Jun '07
3 min read
"The Hanna Andersson business model is focused on a direct to consumer format with a rich media eCommerce web site, colorful catalogs, and an inviting store format. In addition, Hanna Andersson complements and strengthens our successful and strong children's business platform that we have established with Gerber Childrenswear."
The Hanna Andersson management team will continue to be led by Philip Iosca, president and CEO. "Phil and his team have done an excellent job building the Hanna Andersson business over the last 12 years," added Skinner.
Iosca commented, "I am excited Hanna is partnering with Kellwood, a company that appreciates our brand and its position in the marketplace. Kellwood has the resources to help us grow and a leadership team that shares our corporate values and vision for the future".
Kellwood will purchase the company for approximately $175 million, and the Company anticipates the acquisition will be accretive in the first full year before purchase accounting. The transaction is expected to close by the end of the fiscal second quarter. Kellwood was represented by J.P. Morgan Securities Inc. and Hanna Andersson by CIBC World Markets. The current ownership principally consists of Castanea Partners, Dorset Capital, and company management.
marketing@alchempro.com
