HanesBrands announced this week that it has purchased privately held Alternative Apparel in an all-cash transaction valued at approximately $60 million.
Alternative Apparel is expected to have full-year 2017 net sales of approximately $70 million.
The acquisition closed Oct. 13.
Alternative Apparel sells better basic T-shirts, fleece and other tops and bottoms.
“This is an exciting acquisition that supports our activewear growth strategy,” Hanes CEO Gerald Evans said in a statement. “We will be able to leverage our global low-cost supply chain, which is a recognized social, environmental and ethical leader, with another strong brand to expand our market and channel penetration, including online. Combining these two companies is a great way to create value and generate growth opportunities.”
Alternative Apparel outsources production of all of its products, while Hanes self-manufactures the majority of its activewear basics. Alternative CEO Evan Toporek will remain with Hanes and continue to lead Alternative.
In addition to the Hanes brand, the company owns the currently hot Champion brand well as many other innerwear and activewear brands. The company’s 2016 revenue totaled $6 billion.