|Gildan to acquire Peds Legwear|
Montreal – Gildan Activewear Inc. is to pay US$55 million to acquire 100 per cent of Peds Legwear.
Peds is a Montreal-based marketer of high-end socks and legwear products, including ladies no-show liners, socks and sheer, and therapeutic hosiery sold mainly under the Peds and MediPeds brands to US and Canadian retailers. The company currently generates annual sales of approximately US$80 million supported by sourced production and a company-owned manufacturing and distribution facility in Hildebran, North Carolina.
“The Peds brand comes with a strong heritage, particularly in the ladies category, and is a good complementary addition to Gildan’s growing portfolio of brands,” said Glenn Chamandy, President and CEO of Gildan.
The acquisition is expected to create revenue growth opportunities by leveraging Gildan's existing customer relationships to broaden the channels of distribution for the Peds and MediPeds brands and by extending these brands into Gildan’s other product categories. In addition, Peds current distribution into the footwear channel provides broader access in this channel for Gildan’s brands and product portfolio.
“This company was originally founded 80 years ago in Quebec and we are proud to have successfully built Peds and MediPeds into such strong brands,” said Michael Penner, Chief Executive Officer, Peds Legwear. “Gildan has had great success over the years building its manufacturing leadership and strong portfolio of brands and we feel it is well- positioned to take the Peds brands to new heights.”