Gildan Activewear (UPIC: GILDA381) has announced that it will acquire screen printer New Buffalo Shirt Factory, Inc. in Clarence, New York, and its production factory in Honduras. The deal is valued at approximately $7 million and is expected to close soon.
While Montreal, Quebec-based Gildan lists the continued development of its brands through printwear distributors and retailers as the main focus of its growth strategy, it describes New Buffalo’s acquisition as a growth opportunity to build on its Anvil brand’s business as a supply chain partner to global consumer brands. The company says, “The rationale for the acquisition of New Buffalo is to complement the further development of Anvil’s business with the major consumer brands which it supplies, and this customer base is expected to fully utilize the capacity of the New Buffalo facilities.”
New Buffalo’s key management, including founder Jon Weiss, will continue to operate the company under Gildan ownership.