HanesBrands To Acquire Pacific Brands Limited in Australia
We are advising HanesBrands to Acquire Pacific Brands Limited, the leading Underwear and Intimate Apparel Company in Australia.
HanesBrands, based in the US, is a leading marketer of everyday basic innerwear and activewear apparel in the Americas, Europe and Asia under some of the world’s strongest apparel brands, including Hanes, Champion, Playtex, DIM, Bali, Maidenform, JMS/Just My Size, L’eggs, Wonderbra, Nur Die/Nur Der, Lovable and Gear for Sports. Hanes has approximately 65,300 employees in more than 40 countries and is ranked No. 490 on the Fortune 500 list of America’s largest companies by sales.
Lead partner of the transaction, Steven Glanz stated: "We are delighted to be acting for HanesBrands in such a significant transaction."
Pacific Brands’ portfolio Includes Bonds, Australia’s No. 1 men’s and women’s underwear Basics Brand and Berlei, the country’s leading premium bra brand.
The acquisition would be Hanes’ sixth in the past three years and would add Australia and New Zealand to the list of countries where the company holds the No. 1 or No. 2 market share position for underwear, intimate apparel or hosiery. The countries include the United States, Canada, Mexico, Brazil, France, Germany, Italy, Spain, and South Africa.
The definitive purchase agreement has been unanimously approved by the boards of directors of both companies. The acquisition, which is subject to Pacific Brands shareholder approval and other customary closing conditions, is expected to close in the third quarter of 2016.
Steven was assisted by special counsel, Riccardo Troiano.