logo
Share SHARE
FONT-SIZE Plus   Neg

Superior Uniform Acquires HPI Direct - Quick Facts

Superior Uniform Group, Inc. (SGC) announced the acquisition of substantially all of the assets of HPI Direct, Inc. of Alpharetta, Ga., effective today, July 1, 2013.

The company stated that the purchase price for the transaction consists of about $32.5 million in cash, subject to adjustment, the issuance of approximately $2.3 million in shares of Superior Uniform Group's common stock, the potential future payment of up to $7.2 million in additional contingent consideration through 2017, and the assumption of certain liabilities of HPI Direct.

The transaction also includes the acquisition of the corporate offices and warehouse distribution facility from an entity related to HPI Direct, Superior Uniform said.

Along with the closing of the acquisition, Superior renewed its $15 million revolver agreement and entered into a new term loan for $30 million.
Both credit facilities carry five year terms and variable interest rate of LIBOR plus 0.95%.

The company said that HPI Direct will continue to service its customers from its location in Alpharetta, Georgia and will operate as a division of Superior Uniform Group.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Weinstein Co. said it has entered into a preliminary agreement for immediate capital infusion from Colony Capital, the global private equity arm of Colony NorthStar, Inc. In addition, Weinstein Co. has entered into a negotiating period with Colony Capital for a potential sale of all or a significant portion of its assets. Further details of the deal were not disclosed. In the first such incident in Canada, a commercial airplane was struck by a drone last week, the government said Sunday. However, the aircraft was able to land safely. A plane operated by charter airline Skyjet was struck on one of its wings by a drone when it was approaching Quebec City's Jean Lesage International Airport last Thursday. Ford Motor Co. said Friday that it will offer free repairs to North American owners of more than 1.4 million 2011-17 Explorer sports utility vehicles to reduce the potential for exhaust or carbon monoxide entering their vehicles. The recall involves about 1.3 million vehicles in the U.S., 84,000 in Canada and 24,000 in Mexico.
comments powered by Disqus
Follow RTT