NEW YORK — Ridgeview confirmed Tuesday that it has signed a letter of intent to be acquired by Gibor Sport Alpha Sock, an Israel-based sport sock manufacturer.
Gibor, a publicly traded company on the Tel Aviv Stock Exchange, will purchase the Newton, N.C.-based sock maker for $1 per share. This would be Gibor’s debut in the U.S. sock market. The announcement confirms a report in WWD on April 21 that a deal was in the works between the two firms.
Having begun its due diligence, Ridgeview aims to wrap up the deal “as soon as possible,” according to a statement released by the company Tuesday.
Founded in 1912, Ridgeview now produces socks and tights for the mass market. Last week, the company announced it was exiting the branded business, firing about 50 people.
Barry Tartarkin, former president of Ridgeview’s women’s hosiery division, said Monday he is working to pick up the hosiery licenses for Ellen Tracy and Evan Picone, which were formerly licensed to Ridgeview.