By  on February 5, 2012

Randa Accessories Leather Goods LLC’s dominance in the men’s accessories category took another step forward Friday with its agreement to acquire and take private longtime competitor Swank Inc. for $10 a share, or about $57.5 million.

The deal, expected to close in the second quarter following Swank shareholder and standard regulatory approvals, would create an accessories powerhouse with more than $600 million in annual sales. Randa, believed to be the largest men’s accessories firm in the U.S. with 2011 sales of $450 million, is privately held with highly developed global businesses in neckwear, luggage and leather goods. Swank, which had revenues in the 12 months through September of $136.7 million, is publicly held and traded on the pink sheets. Its business is less diverse geographically, with about 7 percent of volume coming from Europe and Central and South America, and focused on men’s leather goods and costume jewelry.

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