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Wells Fargo CF Completes Financing for Randa Acquisition of Haggar Clothing

June 05, 2019, 08:30 AM
Filed Under: Consumer Products

Wells Fargo Capital Finance, part of Wells Fargo & Company, announced the completion of financing for Randa Accessories, one of the world’s leading accessories companies, to acquire Haggar Clothing Co., a leading apparel company.

“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.”

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 Clothing Co. 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. Tribal was founded in 1971 and is the largest women's sportswear supplier to the specialty boutique market in North America, with over 2,400 active accounts.

“Working with these dynamic companies and their incredible management teams is extremely rewarding as they continue to pave the way in their shared industry,” said Michael Vasquez, Wells Fargo Capital Finance. “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

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