NEW YORK — NAP Inc., a $100 million innerwear firm, has been acquired in a stock purchase by a private investment group headed by Haresh Tharani, chairman of Bill Blass Ltd.
The purchase price was not available. Company shares were acquired from departing shareholders who had founded the company in 1984, including the estate of the late Niko Oreopoulos, as well as Adnan Kandiyoti and Pano Zomopoulos. The company name is an acronym of the founders’ names.
Victor Lee, who held the positions of president of the branded division and chief financial officer for the past 10 years, has been appointed to the new post of president of NAP. He continues as a principal of the 18-year-old firm. Lee will absorb his responsibilities of the branded division. A successor for cfo has not been named.
Eitan Haber, also a principal, has been named executive vice president of the company. Haber has been with NAP since its inception in 1984 and will continue to oversee distribution and sourcing.
In addition to being a principal owner of the Blass company, Tharani has diversified holdings in the sportswear industry. Tharani said he views the acquisition as a "very strong alliance with an intimate apparel company that has a history of great designs and sourcing.
"This is the first time we have invested in an intimate apparel company," he said. "With the cocooning trend growing, I believe this will be a viable opportunity for us."
Tharani said the operations and management of NAP will remain intact because "the continuity of design, development, customer service and sourcing is critical for the future success of NAP."
Lee, a former associate of Manhattan law firm Kaye Scholer, was NAP’s attorney in 1984. He joined the sleepwear, robe, at-homewear and daywear specialist in 1985.
"I was the lawyer for the first showroom lease NAP had in San Francisco," Lee said. "It was a mere 400 square feet. Now, the company is on its way to much bigger and better opportunities. Tharani’s network sources in every major importing textile country in the world, from the Far East to Western Europe, Africa and Central America."It’s a very strategic alliance because we have a 70-person sourcing office in Turkey and we expect to grow sourcing in Turkey. We also expect to continue to expand our portfolio of branded assortments and we will expand our showroom and offices."
In addition, Lee said Tharani’s financial and sourcing muscle will enable NAP to "expand distribution to all levels of retail, especially department stores and specialty boutiques, and open up new avenues with mass merchants."
NAP owns the Anne Lewin trademark in sleepwear, robes, at-homewear, daywear and foundations and produces a collection of sleepwear and robes bearing the Crabtree & Evelyn name. NAP also has a joint venture to market, sell and distribute French label Princess Tam Tam in the U.S.
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