New Wave Group AB (NEWAb.ST) is acquiring all of the shares of Paris Glove of Canada Inc. for a sum of CAD 16.5 million. During 2010, Paris Glove reported sales of CAD 28 million with an operating profit (EBIT) of CAD 2.8 million. The addition of Paris Glove (www.parisglove.com) enhances the New Wave Group corporate portfolio, which also consists of Ahead, Cutter & Buck, Clique, Craft, Orrefors and Kosta Boda, among other brands.
“We view Paris Glove as a complement to our other apparel lines and global markets,” said Torsten Jansson, Managing Director and CEO of New Wave Group. “The company provides an established base of entry to Canada’s retail markets for other New Wave products with Paris Glove’s established customer base.”
Paris has been entirely family-owned since its inception in 1945, when founders Felix and Lily Monk brought their glove knowledge from the old country to Canada. It is one of the oldest and most respected glove companies in North America and has earned an enviable reputation in the glove world as a premium brand synonymous with quality, style and performance.
Auclair is the premium sport and outdoor division of Paris Glove. It is one of the few glove companies delivering products to all markets – sports, fashion, and industrial gloves for men and women, adults and children. The company also sells a line of men and women’s scarves and headwear, and distributes a limited selection of other products to its customer base on behalf of other brands. The Paris Glove companies are: Laurentide, Gloves International Inc., The Paris fashion division, and Auclair Sports division.
The Collins Group Inc. of Montreal and Stockholm acted as financial advisor to Paris Glove in its sale to New Wave.