The Komar company has acquired Biflex Intimates Group, LLC, a manufacturer and supplier of intimate apparel for major department and specialty stores, national chains and mass merchants.
A purchase price was not available but Biflex’s annual wholesale sales are $60 million, according to industry estimates.
The deal is expected to close next week, said Charles Komar, chief executive officer of the family-owned Komar firm, which generates wholesale revenues of $750 million.
Komar said Biflex was acquired from “its senior management and a private equity group, Biflex Investment Partners.”
New York-based Biflex has a history of more than 50 years in the innerwear industry and is a specialist of basic bras, daywear and sleepwear, as well as fashion fare in laces, embroideries and bamboo blends. Formerly known as Biflex International Inc., it was acquired by Kellwood Co. in 2002 for about $100 million and sold in 2006 to Connecticut-based Industrial Renaissance, a private equity group. Biflex later became incorporated and was owned and managed by senior executives as well as private investors. In the past, Biflex, has manufactured intimates bearing the licensed Oscar de la Renta and Izod names.
“We’ve been working on this acquisition for quite some time. Biflex is primarily a private label maker of bras. It’s a tremendous business and it fits wonderfully with Komar Intimates, which includes On Gossamer, Betsey Johnson, Kensie, Ellen Tracy and our private label,” said Komar. “Their big [retail] customers are people we didn’t have big relationships with like Dillard’s, Catherine’s, Penney’s, Wal-Mart and Sears.”
Biflex produces and distributes several proprietary bra brands including the Dream Fit bra for Wal-Mart and the Misbehaving label for department stores.
Regarding consolidation of staff at Biflex, Komar said, “We’ll have a meeting on how many people will work with Komar, how many will be in a transitional period, and how many will not be with Komar.”
Further details were not available.