Quality Apparel seller Nitches Inc announced that it has acquired the balance of outstanding stock in Designer Intimates and now owns 100 Percent of the sleepwear company.
In an all-stock transaction approved by the boards of directors of both companies, all shareholders of Designer Intimates will exchange their shares for Nitches stock.
Designer Intimates is the holding company for NAP Inc, an intimate wear maker founded over 20 years ago. Designer Intimates owns or a licenses brand targeted to all levels of distribution and offers a complete innerwear product line for women, men, and children.
Products bearing these brands are sold to better department stores, specialty boutiques, moderate department stores, and national and regional discount department stores and chains. Designer Intimates also develops and manufactures private label products for Victoria's Secret, Disney, and many other leading retailers and catalogues.
This acquisition by Nitches confirms plans announced in February by Nitches to seek out and evaluate acquisition candidates. Chairman & CEO Steve Wyandt remarked, "As a public company we have an obligation to create value for shareholders.
Designer Intimates delivers a proven revenue stream, impressive customer list and strong stable of brands that will provide opportunities for growth and long term value creation. Over the past three years, we have been aligning the two companies to make this possible. We expect that the transition period will be smooth, having already relocated the New York sales and design office of Nitches to the NAP Building on Madison Avenue."
marketing@alchempro.com
