FREMONT, Calif., July 18, 2013 /PRNewswire/ -- The Men's Wearhouse (NYSE: MW) today announced that it has signed a definitive agreement to acquire JA Holding, Inc. ("JA Holding"), the parent company of the celebrated American clothing brand, Joseph Abboud ®, for approximately $97.5 million in cash, subject to certain adjustments. JA Holding is currently majority-owned by funds affiliated with J.W. Childs Associates, L.P. The transaction is expected to close in the third quarter of 2013.
JA Holding brand names include Joseph Abboud, JOE Joseph Abboud ®, Joseph Abboud BOYS ® and Joseph Abboud Home ®. Joseph Abboud branded products are available in fine department stores and specialty stores throughout the United States, and more than fifty countries worldwide. This transaction includes ownership of JA Holding's exclusive U.S. tailored clothing factory that employs 450 highly skilled people, who create fine tailored clothing.
Joseph Abboud, the founder and creator of this iconic brand as well as one of the nation's leading menswear designers, has served as Chief Creative Director of Men's Wearhouse since December 2012.Doug Ewert, President and Chief Executive Officer at Men's Wearhouse said, "We are thrilled to reunite Joseph with his iconic brand at Men's Wearhouse. This transaction accelerates our strategy of offering exclusive brands with broad appeal at attractive prices. Current and future customers will benefit from authentic American designer clothing, manufactured in the USA, at unparalleled value." Commenting on today's announcement, Mr. Abboud said, "Becoming a part of Men's Wearhouse with its powerful U.S. retail presence and talented management team, I believe the Joseph Abboud brand will not only thrive but will also reach new heights by offering amazing style and quality at an incredible value. I am very proud of this modern American brand that I launched in 1987 and I am excited to continue the evolution of the Joseph Abboud design aesthetic for our existing customers while also attracting a new consumer who will experience the level of quality and exceptional service that Men's Wearhouse offers."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV