| This acquisition will bring wider customer base and strong position for the group in the foodservice sector |
Superior Uniform Group announced the acquisition of Blade Sportswear, Inc. (“Blade”), effective November 2, 2009.
Blade, founded in 1991, a privately owned company specializes in the design, manufacture and distribution of uniforms to major domestic restaurant and foodservice chains throughout the U.S. Blade’s award-winning image apparel is worn by some of the most prestigious brands in the foodservice market. The transaction is an asset purchase including the assumption of certain liabilities.
"This acquisition brings Superior Uniform an outstanding customer base and will further enhance our position in the foodservice market," said Michael Benstock, CEO of Superior Uniform Group. Blade’s revenues for the first nine months of 2009 were approximately $4.8 million.
"Every Superior Uniform employee has played an important role in positioning our company to take advantage of opportunities to grow our business. Blade’s strong reputation and history positions Superior Uniform Group to continue to deliver substantial long-term value to our customers and shareholders. We expect this acquisition to be accretive to our earnings in 2010. Our financial position remains very strong and has allowed us to successfully weather the current economic storm while continuing to invest in the future growth of our company. We are actively pursuing additional potential strategic acquisitions.”