TEL AVIV, Israel--(BUSINESS WIRE)--Updating release to remove The Bogart Group's boilerplate.
The corrected release reads:
DELTA GALIL TO ACQUIRE INTIMATE APPAREL LEADER THE BOGART GROUP
Expands Delta’s Footprint in Profitable Fashion Bra and Swimwear Categories
Acquisition Expected to Close in the beginning of Q3 and Be Accretive to Earnings in 2020
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, activewear and denim, today announced that it has signed an agreement to acquire intimate apparel leader, The Bogart Group (“Bogart”).
Headquartered in Hong Kong, Bogart is a vertically integrated global leader in the design, development and manufacturing of fashion bras, and one of the top leading names in intimate apparel, 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 leading lace manufacturer; and B&B, a leading 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 Q3.
“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,” said Isaac Dabah, CEO of 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.”
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; babywear, activewear, sleepwear, and leisurewear. Delta Galil also designs, develops, markets and sells branded denim apparel under the brand 7 For All Mankind®, and ladies apparel under the brand Splendid®. For more information, visit www.deltagalil.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.