Delta Apparel, Duluth, GA, has reportedly received an “unsolicited offer” to purchase its Salt Life business unit. According to a press release, Delta’s board of directors has engaged with a financial advisor to explore possibilities for the sale.
“Our Board of Directors and management team are committed to maximizing value for Delta Apparel shareholders, and we believe it is in their best interest to conduct a thorough review of strategic options for our Salt Life business given the widespread interest in it,” says Bob Humphreys, chairman and CEO of Delta. “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.”
Humphreys added that Salt Life has more than 1,700 wholesale partners in 48 states, a direct-to-consumer presence and e-commerce site, and 25 branded retail stores across the country.
Delta clarified in its statement that there is no specific timing or structure to any potential Salt Life acquisition, or that one would even happen for sure. From here on out, Delta plans to decline any further comment on the process or any additional developments until the company’s board of directors approves a transaction or concludes a review of alternatives.
