Delta Apparel, Inc. (NYSE American: DLA), a leading provider of
core activewear, lifestyle apparel, and on-demand digital print
strategies, today announced that it has received an unsolicited
offer to purchase its Salt Life business unit and its Board of
Directors has engaged Baird as the Company’s financial advisor.
Bob Humphreys, Chairman and Chief Executive Officer, commented,
“Our Board of Directors and management team are committed to
maximizing value for Delta Apparel shareholders, and we believe it
is in their best interests to conduct a thorough review of
strategic options for our Salt Life business given the widespread
interest in it. The Salt Life team has done an excellent job in
taking what was essentially a small regional brand with a primarily
wholesale business when we acquired it in 2013 and growing it into
a highly profitable business with over $60 million in revenue, a
consumer base stretching across the United States and
internationally, and a variety of new go-to-market strategies,
product categories and revenue channels. Today, Salt Life products
are offered in over 1,700 wholesale doors across 48 states and
direct-to-consumer via a growing eCommerce site as well as 25
branded retail stores spanning the U.S. coastline from California
to Florida to New York.”
There can be no assurances as to the timing, terms or structure
of any potential transaction or that a transaction will consummate.
Any decision with respect to a potential transaction or other
strategic alternative remains subject to approval by the Delta
Apparel Board of Directors. Delta Apparel does not intend to
comment on the above-referenced process or disclose additional
developments until its Board of Directors approves a specific
transaction or otherwise concludes its review of strategic
alternatives.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain “forward-looking” statements that
involve risks and uncertainties. Any number of factors could cause
actual results to differ materially from anticipated or forecasted
results, including, but not limited to, the general U.S. and
international economic conditions; the impact of the COVID-19
pandemic and government/social actions taken to contain its spread
on our operations, financial condition, liquidity, and capital
investments, including recent labor shortages, inventory
constraints, and supply chain disruptions; significant
interruptions or disruptions within our manufacturing, distribution
or other operations; deterioration in the financial condition of
our customers and suppliers and changes in the operations and
strategies of our customers and suppliers; the volatility and
uncertainty of cotton and other raw material prices and
availability; the competitive conditions in the apparel industry;
our ability to predict or react to changing consumer preferences or
trends; our ability to successfully open and operate new retail
stores in a timely and cost-effective manner; the ability to grow,
achieve synergies and realize the expected profitability of
acquisitions; changes in economic, political or social stability at
our offshore locations or in areas in which we, or our suppliers or
vendors, operate; our ability to attract and retain key management;
the volatility and uncertainty of energy, fuel and related costs;
material disruptions in our information systems related to our
business operations; compromises of our data security; significant
changes in our effective tax rate; significant litigation in either
domestic or international jurisdictions; recalls, claims and
negative publicity associated with product liability issues; the
ability to protect our trademarks and other intellectual property;
changes in international trade regulations; our ability to comply
with trade regulations; changes in employment laws or regulations
or our relationship with employees; negative publicity resulting
from violations of manufacturing standards or labor laws or
unethical business practices by our suppliers and independent
contractors; the inability of suppliers or other third-parties,
including those related to transportation, to fulfill the terms of
their contracts with us; restrictions on our ability to borrow
capital or service our indebtedness; interest rate fluctuations
increasing our obligations under our variable rate indebtedness;
the ability to raise additional capital; the impairment of acquired
intangible assets; foreign currency exchange rate fluctuations; the
illiquidity of our shares; price volatility in our shares and the
general volatility of the stock market; and the other factors set
forth in the "Risk Factors" contained in our most recent Annual
Report on Form 10-K filed with the Securities and Exchange
Commission and as updated in our subsequently filed Quarterly
Reports on Form 10-Q. Except as may be required by law, Delta
Apparel, Inc. expressly disclaims any obligation to update these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect the occurrence of
unanticipated events.
About Delta Apparel, Inc.
Delta Apparel, Inc., along with its operating subsidiaries
DTG2Go, LLC, Salt Life, LLC, and M.J. Soffe, LLC, is a
vertically-integrated, international apparel company that designs,
manufactures, sources, and markets a diverse portfolio of core
activewear and lifestyle apparel products under the primary brands
of Salt Life®, Soffe®, and Delta. The Company is a market leader in
the direct-to-garment digital print and fulfillment industry,
bringing proprietary DTG2Go technology and innovation to customer
supply chains. The Company specializes in selling casual and
athletic products through a variety of distribution channels and
tiers, including outdoor and sporting goods retailers, independent
and specialty stores, better department stores and mid-tier
retailers, mass merchants and e-retailers, the U.S. military, and
through its business-to-business e-commerce sites. The Company’s
products are also made available direct-to-consumer on its websites
at www.saltlife.com, www.soffe.com and www.deltaapparel.com as well
as through its branded retail stores. The Company’s operations are
located throughout the United States, Honduras, El Salvador, and
Mexico, and it employs approximately 7,000 people worldwide.
Additional information about the Company is available at
www.deltaapparelinc.com.
About Salt Life
For twenty years, Salt Life® has led the ocean lifestyle
category, embracing those who love fishing, diving, surfing, beach
fun, sun-soaked relaxation, and everything in between. Founded in
2003 by four avid watermen from Jacksonville Beach, Florida, Salt
Life has grown through widespread distribution and coast-to-coast
retail stores. The brand’s professional roster boasts numerous
athletes, sportsmen, and other ambassadors in the fishing, surfing,
diving, and music worlds. Salt Life offers omnichannel consumer
engagement through its YouTube channel, Instagram, Facebook,
in-store activations, and The Daily Salt content portal, which
includes Above & Below: a Salt Life Podcast as well as the
Charter Captain, Surf Instructor, and Dive Instructor
directories.
Salt Life products are available to consumers at
www.saltlife.com and in surf shops, specialty stores, department
stores, and sporting goods retailers, as well as at Salt Life’s
various branded retail stores dotting the U.S. coastline from
California to Florida and up the eastern seaboard to New York. The
brand’s flagship store is in Jacksonville Beach, Florida, where the
term “Salt Life” was coined over 20 years ago.
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version on businesswire.com: https://www.businesswire.com/news/home/20231002755813/en/
Company Contact: Justin Grow, 864-232-5200 x6604
investor.relations@deltaapparel.com
Investor Relations and Media Contact: ICR,
Inc.
Investors: Tom Filandro, 646-277-1235
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