Privately-held accessories company Randa has acquired Haggar Clothing Co. The transaction is expected to close within 45 days, funded through a combination of cash on hand and committed financing from Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A. Revenues for the combined companies will exceed $1 billion this year.
“The acquisition of Haggar is an important waypoint on our strategic journey,” said Jeffrey Spiegel, CEO of Randa Accessories. “Following our Moats, Boats & Bridges strategic roadmap, this acquisition allows Randa to bring its existing expertise to adjacent brands, channels of distribution, and product classifications. This transaction brings together two successful, financially strong, and complementary businesses to better serve our retail and brand partners, our associates, and our consumers. We believe that brands matter– and Haggar and Tribal are highly relevant brands in their respective markets.”
“Randa is the ideal strategic partner for Haggar because of the combined strengths of our two companies,” added Michael Stitt, Haggar CEO. “Jeff and his extraordinary leadership team add invaluable scale, resources, expertise, and marketing, in addition to retail partnerships. They align with our core values and high standards.”