Eveden Group, supplier of premium lingerie and swim brands Fantasie, Freya, Huit, Fauve, Elomi and Goddess, today announced that it has entered into an agreement to become part of Wacoal Holdings Corp.
The Northamptonshire based business, one of the leading suppliers of fuller bust and full figure lingerie and swimwear to over 5000 customers across 50 countries, will become a subsidiary of the Kyoto headquartered Wacoal.
The news comes after it was announced, last month, that Eveden had hired accountancy firm Price Waterhouse Coopers to review its strategic options for growth.
Wacoal America president Richard Murray said “Our acquisition of Eveden, a company which has established a leading presence in the key markets of Europe, North America and Australia significantly accelerates our corporate strategy for overseas expansion. We look forward to working with the Eveden team and developing our businesses together.”
Eveden Group chief executive Tracy Lewis added: “We are excited to be joining the Wacoal Group, with whom we share a very similar business ethos, culture and values. Being part of one of the leading businesses in the lingerie sector presents us with both a huge opportunity to develop the reach of our brands globally and our teams with great benefits for business and personal development. “
Eveden Group recently announced its consolidated net sales to the year ending June, 2011, which were up 18 percent year on year to over £80m.
The acquisition price, inclusive of debt to be assumed, is estimated at £148m.
PwC Corporate Finance acted as advisors to Eveden Group.