Moretz, Inc. and Gold Toe Investment Corp. will combine, creating one of the largest global sock companies.
In a series of moves reminiscent of the trade deadline deals we didnt see in the MLB this season, The Blackstone Group, a global private investment and advisory firm, is backing the merger by acquiring Gold Toe and then simultaneously facilitating the merger between the two companies.
In addition to a meaningful direct presence via its online and owned and operated outlet stores, the combined company will be a leading supplier to the department store and specialty sporting goods channels and have a significant presence in the growing warehouse club and mass market channels.
After the merger, the senior management teams of both companies will remain on board; however, due to Blackstones involvement, the ownership structure will be different.
The Blackstone Group will be the majority owner of the company; John Moretz, CEO, will be the second largest shareholder; and an affiliate of Vestar Capital Partners, the current majority owner of Gold Toe, will retain a minority stake. The terms of the transaction were not disclosed.