TULTEX SET TO SELL LOGOATHLETIC UNITS TO EXECS, INVESTORS
NEW YORK — Tultex Corp. has agreed to sell its LogoAthletic and LogoAthletic/Headwear subsidiaries to senior executives of the units and an investor group.
The executives are Thomas K. Shine and Michael R. Kistler, who started LogoAthletic over 25 years ago. They formed TKS Acquisition for the deal, and backers include Puma AG and several investment and venture capital firms. LogoAthletic makes licensed sports apparel for professional leagues and universities. Revenue of the two subsidiaries totaled $205 million in 1997.
In connection with the deal, TKS will sell licensed Puma-branded headgear and accessories. Jochen Seitz, Puma’s chief executive officer, will become chairman of TKS.
The transaction is expected to close in early July.