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Gildan To Acquire GoldToeMoretz

Montreal-based Gildan Activewear Inc. has agreed to acquire 100 percent of the common shares of Gold Toe Moretz Holdings Corp. (GoldToeMoretz), Newton, N.C., for $350 million. The acquisition includes intangible assets associated with GoldToeMoretz's Gold Toe®, Silver Toe®, GoldToeGear®, Auro®, PowerSox® and All Pro® sock brands; and its exclusive U.S. licenses to use the Under Armour® and New Balance® brands; among other assets.

GoldToeMoretz Chairman and Chief Innovation Officer John Moretz and President and CEO Steve Lineberger will stay on at Gildan, which plans to further develop GoldToeMoretz's brands.

"In addition to the introduction of leading consumer brands, the acquisition provides Gildan with enhanced brand management experience and expertise, best-in-class merchandising and strong technical innovation and design capabilities to complement Gildan's existing competitive strengths for retail," said Glenn J. Chamandy, president and CEO, Gildan Activewear.

May/June 2011