The acquisition would reunite Hanes and DBA, which were both owned by Sara Lee Corp. Sun Capital bought DBA–whose DIM brand of underwear constitutes 50% of its sales–in 2006, while Hanes split off into an independent public company. The move comes as Hanes has been on the hunt for more acquisitions after its 2013 deal to acquire bra maker Maidenform for $581 million.
Gives Hanes European Presence
Hanes, parent to Hanes brand, Champion and Playtex, among others, said it expects the deal to add to adjusted per share earnings in the first year after it closes, including a per-share boost of 25 cents in 2015. In three or four years, Hanes said it expects more than $875 million in annual net sales and about $1 in adjusted per-share earnings.
“We will be able to reunite two great companies to create significant growth and margin-expansion opportunities,” Hanes Chairman/CEO Richard A. Noll said in a news release, adding that Hanes will become a nearly $6 billion company after the deal closes.
DBA is a market leader in intimate apparel and men’s underwear market share in France and Spain, and leads hosiery market share in France and Germany, Hanes said. Meanwhile, Hanes didn’t have a “material presence” in western and central Europe, the company said.
Hanes said the deal would enable it to utilize its supply chain as an advantage. DBA outsources about 75% of production for its intimate apparel and underwear, while Hanes lays claim to “significant” production capacity around the world.
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