Ennis Inc., Midlothian, Texas, announced yesterday the pending sale of its apparel division.
On April 1, 2016, Ennis Inc. entered into a unit purchase agreement with Alstyle Operations LLC to sell Alstyle Apparel LLC and its subsidiaries, which constitute Ennis Inc.’s apparel division, to the buyer for an aggregate purchase price of $88 million.
The purchase price includes $76 million in cash to be paid at closing, subject to working capital adjustments, and an additional $12 million to be paid pursuant to a capital lease covering certain Ennis Inc. retained equipment utilized by the apparel division. The two parties expect the transaction to close by the end of this month.
