This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Grano, Owner Of Menswear Brand Samuelsohn, Acquires Hickey Freeman License And Factory

NEW YORK, July 19, 2013 /PRNewswire/ -- Samuelsohn, a premium menswear brand based in Montreal, announced today that it has agreed to acquire all of the tangible assets of US-based Hickey Freeman, including the factory, from W Diamond Group, and will enter into a 40-year license agreement for Hickey Freeman with brand owner, Authentic Brands Group. Terms of the transaction were not disclosed.

(Logo: http://photos.prnewswire.com/prnh/20130719/NY50014LOGO-a )(Logo:  http://photos.prnewswire.com/prnh/20130719/NY50014LOGO-b )

As part of the transaction, Samuelsohn CEO Stephen Granovsky, President and Chief Creative Officer Arnold Brant Silverstone and President and Chief Operating Officer Alan Abramowicz will expand their roles to include Hickey Freeman oversight and development. 

"For 90 years Samuelsohn has been known and respected in the industry for producing the best quality suits in Canada. Likewise, Hickey Freeman has built a business and reputation over the last century producing the very best suits in the United States," said Stephen Granovsky, who is also CEO of Grano Retail Holdings ("Grano"), the owner of Samuelsohn. "Owning both of these best-in-class menswear businesses will be a dream come true." 

"Hickey Freeman has great brand value and long term retail relationships, as well as an extremely productive factory and talented workforce," adds Arnold Brant Silverstone. "We believe that, working with Authentic Brands Group, we can bring the same creativity, discipline and energy to Hickey Freeman that we have brought to Samuelsohn over the last three years."

"We intend, first, to add to the stability, and second to drive growth," said Lawrence Pollack, Vice Chairman of both Grano and Samuelsohn. "We estimate that Hickey Freeman can grow by as much as fifty percent in the next three to five years.  The Rochester factory is a diamond in the rough."

"We are very proud to own Hickey Freeman and we are extremely excited about the growth opportunities that the Samuelsohn/Grano team brings to the brand," said Jamie Salter, CEO of Authentic Brands Group.

"We look forward to working with a progressive company such as Samuelsohn/Grano and we are thrilled about the prospects in the future," added Nick Woodhouse, President of Authentic Brands Group.

"Workers United, SEIU, and its members are very pleased with this transaction. We have excellent working relationships with Samuelsohn in Montreal and with W Diamond in Chicago and the Union looks forward to a bright future of stability and expansion of jobs in Rochester," said Noel Beasley, President of Workers United.

"I will always fight to strengthen and grow Hickey Freeman in Rochester and have been pleased to stand with the company and its workers so that this day could come," said Senator Schumer. "This union with Samuelsohn buttons together two of the finest North American suit makers and will grow jobs and bring new work to Hickey Freeman's Rochester workforce in a way that will stabilize and strengthen this storied Rochester institution for decades to come."

"The entire W Diamond Team is proud to pass along the Hickey Freeman tradition of excellence to the Samuelsohn team and I personally look forward to supporting their efforts any way I can," said Doug Williams, CEO of W Diamond Group.

The acquisition announcement comes at the beginning of the Men's Spring 2014 Market Week in New York where Samuelsohn will be showcasing its newest collections to top retailers and media.  Samuelsohn also has another cause to celebrate—2013 marks the 90 th Anniversary for the brand who will celebrate the milestone anniversary at a cocktail reception on July 21 during Market Week festivities.

About Samuelsohn

Headquartered in Montreal, Samuelsohn, Ltd. was founded in 1923 by Lesser Samuelsohn.  Re-launched as a modern luxury brand, over the past three years, Samuelsohn is currently sold in more than 250 specialty stores throughout the U.S. and Canada as well as Harry Rosen, Nordstrom and Saks.  For more information, please visit www.samuelsohn.com.

About Hickey Freeman

Two young entrepreneurs named Jacob Freeman and Jeremiah Hickey built it in the early years of the 20th century. Their plan was to bring high-quality hand-tailoring to men from coast to coast. As they envisioned it, a Hickey Freeman suit would be a testament to both the delicate artistry of hand-craftsmanship and the steady consistency of modern technology.

Their idea turned into an epic American success story. Men of style and achievement have, for generation after generation, turned to Hickey Freeman for authenticity and quality, elegance and innovation. They still do.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs