The transaction is expected to close before the end of August 2016.

UPDATED: Gildan Completes Acquisition of Peds

MONTREAL—Gildan Activewear announces it has completed the acquisition of Peds Legwear Inc. Founded in Quebec in 1934, Peds is a marketer of foot apparel and legwear products including socks, therapeutic hosiery, and no-show liners, sold to American and Canadian retailers.  

“The Peds brand comes with a strong heritage, particularly in the ladies category, and is a good complementary addition to Gildan’s growing portfolio of brands,” says Glenn Chamandy, president and CEO of Gildan.

Under the agreement, Gildan acquires 100 percent of the equity interest of Peds for a total cash consideration of $55 million. The initial agreement was originally announced on July 27, 2016 in a press release by the company. 

“Gildan has had great success over the years building its manufacturing leadership and strong portfolio of brands, and we feel it is well-positioned to take the Peds brands to new heights,” comments Michael Penner, CEO of Peds.

This is the second major acquisition by Gildan in less than six months. In late May 2016, the company announced it had finalized an acquisition of Alstyle Apparel. 

Updated Aug. 22, 2016 to reflect the completion of the acquisition by Gildan. 

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