Wells Fargo Capital Finance has provided capital for Randa Accessories to acquire Haggar Clothing Co, an apparel company. No financial terms were disclosed. Wells Fargo Capital Finance is part of Wells Fargo Company.
PRESS RELEASE
NEW YORK – June 4, 2019 – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced today 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 mostrecognized 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 strategy as they continue to grow their business in exciting new ways.”
About Randa
For over 100 years Randa has produced clothing and accessories for men, women, and children. The company brings these products to market through all channels of distribution, worldwide. As a leading global fashion supplier, Randa uses its scale and expertise to create and expand powerful brands, produce exceptional products, and engage consumers in extraordinary shopping experiences. For more information visit www.randa.net.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 33 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance – a part of Wells Fargo Commercial Capital – is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, supply chain finance and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial ofinance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
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