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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