Wells Fargo Capital Finance completed financing for Randa Accessories to acquire Haggar Clothing.
“The acquisition of Haggar is an important waypoint on our strategic journey,” said Jeffrey Spiegel, CEO of Randa. “This transaction brings together two successful, financially strong businesses to better serve our retail and brand partners. The team at Wells Fargo was able to tailor a credit facility to fit our needs and also provide flexibility to support our global footprint and distribution network.”_x000D_
Randa, a privately held company founded in 1910, produces belts, wallets, headwear, slippers, luggage, neckwear, jewelry, and other accessories under 50 brands, including Levi’s, Tommy Hilfiger, Columbia Sportswear, Dickies, and Kenneth Cole. Randa distributes its products globally through more than 20,000 stores and employs over 4,000 associates at 26 offices in 10 countries.
Since its beginnings in a one-room office in Dallas in 1926, Haggar has grown from a manufacturer of men’s fine dress pants and slacks into one of the most–recognized apparel brands in the market. Haggar also owns Montreal-based Tribal, the largest women’s sportswear supplier to the specialty boutique market in North America.
“Asset-based lending is proving to be a great financial fit for revolutionary companies who are changing the retail landscape as consumer buying habits shift. We are excited to work with them in structuring a flexible financing solution that can evolve with their business strategy as they continue to grow their business in exciting new ways,” said Michael Vasquez, Wells Fargo Capital Finance.
