Randa Accessories Leather Goods LLC Thursday completed the acquisition of its largest competitor in the men’s accessories field, Swank Inc., for $10 a share or $57.3 million.
Consummation of the deal, originally unveiled in February, followed a special meeting of Swank shareholders earlier in the day at the company’s offices in Taunton, Mass. With the closing of the transaction, Swank will cease trading on the pink sheets and become a wholly owned subsidiary of Randa.
John Tulin, Swank’s chairman and chief executive officer, will retain the title and report to Jeffrey Spiegel, ceo of Randa.
“The strategic benefits of this combination are clear and we are happy to have provided terms that were financially attractive for Swank’s stockholders,” Spiegel said. “Randa continues to invest in the future of our company, our associates, and our retail and brand partners. This acquisition provides additional classifications, points of sale, brands, and scale to our growing business.”
Financo Inc. advised Swank on the transaction while Randa consulted Peter J. Solomon Co. A second suitor for Swank came forward during the “go-shop” period but dropped out of the bidding last month.