Winston-Salem, NC—Hanesbrands Inc. said today that it had completed its purchase of Maidenform Brands Inc. for $583 million, an acquisition that is expected to add growth and cost-savings.
Maidenform will greatly add to Hanesbrands’ intimate apparel brands that include Playtex, Bali, Barely There and Wonderbra. Among Maidenform brands are Maidenform, Flexees, Lilyette, Self Expressions and Sweet Nothings.
“Maidenform is a great company with strong brands and a rich tradition of innovation in intimate apparel,” Richard Noll, Hanesbrands chairman and CEO, said. “The Maidenform business and brands are a perfect addition and complement to our core business and brands. This is an excellent use of our strong free cash flow to create value.”
The acquisition is expected to create growth and cost saving opportunities and increased scale to serve retailers, the company said.
Hanesbrands funded the acquisition with cash on hand and short-term borrowings on its revolving credit facility, which will be retired through free cash flow.
Noll has said plans to integrating the two companies are moving forward and the company’s goal is to release those plans by November.