Posted February 24, 2015

 

GREENVILLE, S.C. – Delta Apparel, Inc. announced February 20 that its wholly owned subsidiary, To The Game, LLC, previously entered into a letter of intent to sell its The Game branded collegiate headwear and apparel business to David Peyser Sportswear, Inc., the owner of MV Sport, Inc.

 

MV Sport was founded in 1948 and has grown to become a leading supplier of custom decorated apparel in the college bookstore and other markets.

 

“We are pleased to have reached an agreement to sell The Game branded headwear and apparel business to an established and growth-minded company such as MV Sport,” said Delta Apparel, Inc. Chairman and CEO Robert W. Humphreys. “Our Salt Life and corporate business currently operating within To The Game, LLC, are not being impacted by the sale of the collegiate part of the business. The sale of The Game will allow us to focus on other areas of our business that are more strategic to our long-term goals.”

 

The approximately $25 million revenue business being sold consists of The Game branded products sold nationally in college bookstores and through team dealers. The Game’s signature headwear designs include “The Bar” family of trademarks and “The Circle.”

 

The transaction is expected to close within the next several weeks and should result in an appreciable gain to net book value, the company said. The letter of intent is non-binding and the transaction is subject to the execution of a definitive asset purchase agreement, the obtainment of necessary approvals, and other customary conditions.

 

Delta Apparel, Inc., along with its operating subsidiaries, M. J. Soffe, LLC, Junkfood Clothing Company, To The Game, LLC and Art Gun, LLC, is an international design, marketing, manufacturing, and sourcing company that features a diverse portfolio of lifestyle basic and branded activewear apparel and headwear.

 

Source: Delta Apparel