Posts tagged acquisition
Last week Gildan Activewear Inc. finalized its acquisition of Anvil, the parent company of Anvil Knitwear.
According to the Advertising Specialty Institute (ASI), Gildan paid a total of $88 million for the purchase. Anvil’s president and CEO, Anthony Corsano, will transition into his new position as part of Gildan’s senior management team. “Corsano will join Gildan’s Branded Apparel division and focus on the continuing development of Anvil’s strategy to grow its business of providing high-volume quality products for non-retailer brands,” reported ASI.
Glenn Chamandy, president and CEO of Gildan, told ASI that Anvil possesses a culture and strengths that will help Gildan to become a leader in printwear. “In addition, the projected economic returns from the acquisition are highly attractive and are expected to create further value for our shareholders,” Chamandy said.
A Top 40 distributor, American Solutions for Business (ASB), recently announced that it has acquired yet another small business. The sales group, comprising six salespeople and three support staffers, was originally part of American Eagle Graphics.
But the acquisition is just one of many for ASB. According to the Advertising Specialty Institute (ASI), “…this deal completes a 12-month period in which [ASB] has grown its sales force significantly through acquisitions. In fact, the distributor firm now has more than 500 salespeople, an increase of 11% over the past year.”
Larry Zavadil, founder and CEO of ASB, told ASI that the growth is sustainable due to the company’s large investment in technology.