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
Etihad Airway's Chief Executive Officer James Hogan will leave in the second half this year. Hogan has been with the Abu Dhabi based aviation group since 2006. Chief Financial Officer James Rigney also will depart from service. Seafood lovers must now be prepared to dole out more cash than before for salmon. The price of salmon has surged globally and is now at historic highs amid acute outbreaks of sea lice. According to data from the Nasdaq Salmon Index, the price of salmon has risen by more than 15 percent in the last three months. Health-food restaurant chain Freshii Inc. has increased the price range for its initial public offering in Canada. Freshii has raised the price range for its IPO to C$10 to C$11.50 per share from the prior range of C$8.50 to C$10.0 per share, BNN reported.
comments powered by Disqus
Follow RTT