Gold Toe President Jim Williams stated, “The combined strengths of our new company are perfect complements. Our diversified portfolio of premium brands will target multiple price points and distribution channels across a broad customer base. The company will be uniquely positioned to capitalize on future strategic opportunities.”
Norm Alpert, Vestar Managing Director, said, “Over the past eight years, Gold Toe has grown from a leading brand in a single channel to a broad portfolio of Gold Toe branded products in multiple channels. We are tremendously proud of the achievements of the company and its management team and are excited about being a continuing part of the company's future in combination with Moretz.”
Ben Jenkins, Principal in Blackstone's private equity group, noted, “We are delighted to be part of this compelling strategic combination. By leveraging the management teams, the brands and the distribution capabilities of Gold Toe and Moretz, we will create the industry leader and the fastest-growing hosiery company in the United States.”
In connection with the acquisition of Gold Toe, the outstanding indebtedness and preferred stock of Gold Toe's wholly-owned subsidiary Gold Toe Corp (f/k/a Cluett American Corp) will be refinanced, including its 10 1/8% senior subordinated notes due 2008 and 12.5% senior exchangeable preferred stock due 2010.
Gold Toe Investment Corp was advised by Bear, Stearns & Co Inc and Devon Value Advisors Moretz Inc was advised by Financo Inc.
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