Tefron Ltd, producer of seamless intimate apparel and engineered-for-performance active wear, has completed the acquisition of the seamless activities of Nouvelle Inc, a Canadian apparel manufacturer.
The transaction includes all of Nouvelle's current and future purchase orders, as well as other assets of its seamless business. Nouvelle is a private Canadian manufacturer of mass market seamless apparel for both private label and branded products, with broad distribution in the US.
Tefron simultaneously also closed two further financial transactions, raising a total of $10.8m. Investors approved a capital increase of $5.8m, whilst Tefron also modified its banking agreement to receive an additional $5m in bank loans.
Amit Meridor, Tefron CEO, said: “The acquisition of Nouvelle's Seamless activities adds a new component to our global strategy of regaining Tefron's leading position in seamless apparel and performance apparel industry, particularly because it will help strengthen our sales and marketing network in the US market.
“In addition, the $10.8m of fresh capital and new bank loans now provides Tefron with a base of financial stability which will enable us to further build the company and develop other new markets. Strong investor support for the transactions confirms the confidence of our shareholders in our goals and business plan set by the management team.”
