Israeli clothing manufacturer Delta Galil Industries Ltd. (OTC: DELTY; TASE: DELT) has announced that it has signed an agreement to acquire underwear manufacturer The Bogart Group
Headquartered in Hong Kong, Bogart designs, developments and manufactures fashion bras, and other underwear, sports and swimwear. The company is a preferred strategic partner for some worldwide leading brands such as Victoria’s Secret, PVH, Jockey, Adore Me, Vanity Fair, Hanes, among others. In addition to The Bogart Group, Delta Galil will acquire the company’s subsidiaries Brunet, a lace manufacturer; and B&B, a padding manufacturer.
With $230 million in consolidated sales in 2018 for The Bogart Group, Delta Galil expects the deal to show a profit in the second half of 2019 and to be accretive to earnings in 2020. The acquisition is expected to close in the beginning of the third quarter.
Delta Galil CEO Isaac Dabah said, "We’re very pleased to be adding The Bogart Group to our strong portfolio of intimate apparel, as expanding our footprint in the bra category has been a long-term goal for Delta Galil. This is a unique strategic opportunity, where I see great potential for Delta to leverage Bogart’s strong market position to further build its company, while also helping Delta’s business units expand to the next phase of growth."
Published by Globes, Israel business news - en.globes.co.il - on June 11, 2019
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