As per the terms of a definitive agreement, the companies expect to complete the deal within 45 days.
Financial details of the transaction remain undisclosed. The acquisition will be funded by Randa through cash on hand. Randa will also use the financing provided by Wells Fargo Bank, National Association and JPMorgan Chase Bank.
Randa Accessories CEO Jeffrey Spiegel said: “The acquisition of Haggar is an important waypoint on our strategic journey. Following our Moats, Boats & Bridges strategic roadmap, this acquisition allows Randa to bring its existing expertise to adjacent brands, channels of distribution, and product classifications.
“This transaction brings together two successful, financially strong, and complementary businesses to better serve our retail and brand partners, our associates, and our consumers. We believe that brands matter — and Haggar and Tribal are highly relevant brands in their respective markets.”
Revenue for the combined companies is expected to exceed $1bn this year, according to Randa.
Following the deal completion, Haggar will continue to operate in Dallas under the management of its current leadership team.
Spiegel added: “The addition of Haggar’s retail stores and e-commerce business will supply us with invaluable insight into our consumers’ evolving expectations and path-to-purchase. This information will provide a powerful and actionable lens for our retail and brand partners, as well as our consumers.”