HanesBrands Completes Sale of Champion
HanesBrands expects to pay down approximately $1 billion of debt in the second half of 2024 through the completion of the sale.
HanesBrands, a manufacturer of apparel brands, announced that it has completed the sale of the intellectual property and certain operating assets of the company’s global Champion business to Authentic Brands Group.
The agreement to sell was first announced in June — details and use of proceeds can be found here.
“Today marks a major milestone on our journey to strengthen and simplify our business and is the culmination of a significant team effort to position HanesBrands on the optimal path for the future,” said Steve Bratspies, HanesBrands CEO.
Bratspies continued, “With the successful completion of this transaction, combined with our internal cash generation, we expect to pay down approximately $1 billion of debt in the second half of 2024. Looking ahead, we believe we are well-positioned to generate strong shareholder returns over the next several years through topline growth, margin expansion, double-digit earnings per share growth, and further deleveraging of our balance sheet.”
“I’d like to express my gratitude to the global Champion team for their contributions. We wish them well as the Champion brand writes the next chapter of its storied journey,” Bratspies concluded.
HanesBrands is providing additional details on a form 8-K that has been filed with the U.S. Securities and Exchange Commission and is available here.
Goldman Sachs & Co. LLC and Evercore are serving as financial advisors to HanesBrands, and Kirkland & Ellis LLP and Jones Day are serving as its legal advisors.
