VF completes purchase of Splendid, Ella Moss brands
Greensboro-based VF Corp. said today it has acquired the remaining two-thirds of the capital stock of Mo Industries, owner of the Splendid and Ella Moss contemporary sportswear brands.
The acquisition cost VF $161 million, plus the repayment of $47 million in existing net debt, and will be funded through VF’s cash flow from operations, the company stated in a news release.
In June 2008, VF purchased one-third of Mo Industries stock from its owners -- founder Moise Emquies and Summit Partners, a private equity and venture capital firm for growth companies.
The brands should contribute about $70 million to 2009 revenues and would slightly increase earnings per share. Combined revenues of the two brands were $95 million in 2008 and have more than tripled since 2004, VF stated.
The Splendid and Ella Moss brands will become part of VF’s Contemporary Brands coalition, which also includes the 7 For All Mankind and lucy brands.
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