Haggar Clothing Co. announces acquisition of Montreal based Tribal Sportswear
DALLAS, Dec. 2, 2013 /PRNewswire/ -- Haggar Clothing Co. announced today that it has acquired Tribal Sportswear from Kilmer Capital Fund L.P. for an undisclosed amount. Based in Montreal, Tribal was founded in 1976 as a women's trouser company and over the last several decades has grown into an industry leading women's sportswear business offering seasonal collections of casual and career wear to its account base of over 2,000 specialty stores across North America.
"Tribal is one of the most well respected women's wear brands in the boutique channel of distribution throughout North America," said Michael Stitt, CEO of Haggar Clothing Co., based in Dallas, Texas. "The company and brand are recognized for their high standards of quality, trend-right collections, and customer-centric corporate philosophy."
"Haggar's culture and core values towards their employees, customers and suppliers are shared by those at Tribal and were an important part of our discussions," said William Fitz Blackburn, acting CEO of Tribal and Partner at Kilmer Capital Partners. "The union of Haggar and Tribal represents a tremendous opportunity in women's sportswear and an exciting new chapter for Tribal and its dedicated employees."
Tribal will continue to be based in Montreal and will be led by Steven Richman, who will serve as President of the new division. "I am very excited that Haggar shares the same recognition of the unique position in the independent boutique channel that Tribal has earned," said Richman. "Tribal's strong position in the boutique channel is in many ways thanks to its dedicated and creative workforce. With Haggar's vast resources, Tribal will be able to leverage and continue building and growing the brand." Steven Richman will work alongside Brian Main, President of Haggar Canada Co.
"I am very impressed with the Tribal associates I have met and worked with during our due diligence process, and I am excited to work with Steve to continue to build our women's business," stated Brian Main. "The entire team is passionate, committed, and skilled, and we are confident that the brand is poised for continued growth."
The acquisition of Tribal Sportswear is expected to complement Haggar's current women's business, which enjoys significant distribution in Canada at both major department stores, Sears and The Bay, and is expected to grow in North America. "Tribal's highly valued boutique customers, the majority of which are in the United States, provide diversification in terms of our channels of distribution," said Stitt. "The talented design and sourcing teams at Tribal's headquarters provide the foundation for meaningful growth of our women's wear business throughout North America."
About Haggar Clothing Co.
Since its beginnings in a one-room office in Dallas, Texas in 1926, Haggar Clothing Co. has grown from a manufacturer of men's fine dress pants and slacks into one of the most recognized and original apparel brands in the market. Haggar coined the term "slacks" in 1938 and continued to lead menswear innovation with the introduction of pre-cuffed pants, expandable waist pants, wrinkle-free cotton casual pants, and suit separates. In addition to its Haggar® brand, the company has developed and launched the highly successful and eco-friendly LK Life Khaki™ brand. Haggar is the official clothing partner of the Hockey Hall of Fame and the Pro Football Hall of Fame. Haggar Clothing Co. today commands the #1 market position in men's dress pants in the United States, as well as the #2 share in men's casual pants, and has been a leader in men's apparel for over 85 years.
For more information or to view product offerings from Haggar, please visit the Haggar website.
SOURCE Haggar Clothing Co.