Entrepreneur Efrem Gerszberg has signed a definitive agreement to acquire and take private Hampshire Group Ltd., maker of Dockers men’s sweaters and Joseph Abboud men’s sportswear, via his investment vehicle NAF Acquisition Corp. Gerszberg is the president of George Foreman Enterprises and the younger brother of Seth Gerszberg, co-founder and chief executive officer of Marc Ecko Enterprises.
NAF Acquisition Corp., a subsidiary of Gerszberg’s NAF Holdings II LLC, has tendered an offer, approved by New York-based Hampshire’s board, to acquire the outstanding shares of publicly traded Hampshire for $5.55 a share, representing a 200 percent premium on their closing price of Feb. 23. For the deal to go through, NAF must acquire at least 82 percent of Hampshire Group’s 5.47 million outstanding shares, making the purchase price at least $24.9 million and valuing the company at about $30.4 million. Upon completion of the deal, NAF would merge with Hampshire Group, and the latter would survive as a private company.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)