TEL AVIV--(BUSINESS WIRE)--Delta Galil Industries, Ltd. (DELT/Tel Aviv Stock Exchange, DELTY.PK/OTCQX), the global manufacturer and marketer of branded and private label apparel products for men, women and children, as well as leisurewear and activewear, today announced that it has agreed to acquire the P.J. Salvage brand and other assets of California-based Loomworks Apparel, Inc. ("Loomworks"), a leading sleepwear, loungewear and intimates manufacturer and distributor with an international following.
P.J. Salvage is widely known for chic style and luxury fabrics, and pioneered the crossover of bedroom fashion into loungewear and everyday wear. The brand’s meticulous attention to detail, superior quality, rich fabrics and flattering fit have made P.J. Salvage a favorite among celebrities and the fashion-minded. Its “California cool” sensibility is featured in leading high-end department store chains and specialty boutiques.
In addition to the P.J. Salvage brand, Delta will acquire all of Loomworks’ operations, including its brand names and trademarks, intangibles, working capital and certain liabilities. The purchased business will become part of U.S. subsidiary Delta Galil USA, in a deal that is expected to close by the end of July 2015 and to be accretive to Delta’s earnings.
“P.J. Salvage is one of the leading brands of fashionable pajamas, loungewear and intimates, with a style that transitions easily from nightwear to everyday wear, and is popular in key markets around the world,” said Isaac Dabah, CEO of Delta Galil. “The acquisition of this respected brand is a further step in the growth of our branded business, and we plan to build on this opportunity to expand P.J. Salvage in upper end retailers in the U.S. and globally.”
About Delta Galil Industries
Delta Galil Industries is a global manufacturer and marketer of branded and private label apparel products for men, women and children. Since its inception in 1975, the Company has continually strived to create products that follow a body-before-fabric philosophy, placing equal emphasis on comfort, aesthetics and quality. Delta Galil develops innovative seamless apparel including bras, shapewear and socks; intimate apparel for women; extensive lines of underwear for men; activewear, sleepwear and leisurewear. For more information, visit www.deltagalil.com.
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