JERI-JO BUY COMPLETED
NEW YORK — Norton McNaughton has completed the acquisition of Jeri-Jo Knitwear Inc. and Jamie Scott Inc., two privately held importers of moderate-price junior and misses’ sportswear.
McNaughton said it paid $55 million cash upon closing, with additional consideration payable in cash and McNaughton’s stock based on future performance.
Jeri-Jo/Jamie Scott will become a separate subsidiary under the direction of current management.
McNaughton said the acquisition was financed with part of the proceeds of the $125 million senior note offering, which was completed on June 18.
Peter Boneparth, president and chief operating officer at Norton McNaughton, said in a statement that Jeri-Jo “has developed an excellent franchise in the moderate juniors’ and misses’ sportswear markets, and this opportunity affords us the ability to expand both the breadth and depth of our product among our retail customers.”