Gildan Activewear Inc. Agrees to Buy Anvil Holdings
Gildan gains larger share of the printwear market.
Gildan Activewear Inc. announced that it has signed a definitive agreement to acquire 100% of the common shares of Anvil Holdings Inc. (Anvil) for a purchase price of approximately U.S. $88.0 million.
“We are very pleased to have come to this agreement with Anthony Corsano (former CEO and President of Anvil) and the shareholders of Anvil ”, said Glenn Chamandy, President and CEO of Gildan. "We believe that the acquisition of Anvil and the combination of compatible cultures and strengths of our two companies will allow us to build further on the leadership position both brands enjoy in this market. Our intent is to leverage Anvil’s strong brand heritage and Gildan's manufacturing efficiencies to develop Anvil products that complement Gildan's in the printwear market, while delivering better value to all customers."
While the details of the transition timelines and post acquisition company structure have not been communicated, Gildan has announced that Anthony Corsano, and members of his team in New York City, will be joining Gildan within their Branded Apparel Division. Anvil products will remain available from the same network of wholesale distributors currently carrying the brand.