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Himatsingka Seide Limited 10/24, Kumarakrupa Road, High Grounds, Bangalore – 560 001 October 18,2007 Himatsingka acquires DWI Holdings Inc., USA Himatsingka Seide Limited has completed the acquisition of a 100% stake in DWI Holdings Inc. (“DWI”). This was consequent to signing definitive agreements in New York on October 18, 2007. Himatsingka acquired the stake through its wholly owned subsidiary, Himatsingka America Inc., This acquisition follows the acquisitions of Giuseppe Bellora SpA, in February 2007 and Divatex Home Fashions Inc., in July 2007. The acquisition of DWI is in line with Himatsingka’s strategy to forward integrate by acquiring high-end brands and large distribution networks in the home textile space. The enterprise value for the transaction was USD 30 Million. For the fiscal 2007, DWI reported revenues of 47 Million. Headquartered in Atlanta, Georgia, DWI has the licenses for the sourcing, marketing and distribution of luxury home textile brands – Calvin Klein, Barbara Barry and Royal Sateen. These brands are amongst the most prestigious and recognized home textile labels in the North American market with Calvin Klein being the second largest luxury bedding brand distributed through departmental stores in the United States. In addition, the Hospitality division of DWI caters to the unique needs of five star and deluxe properties around the world. DWI was founded by home textile industry principals – Mr. Michael Bernstein, Mr. Rudy Schmatz and Mr. Dennis Cochran, in 2001. Mr. Michael Bernstein will continue to be member of the Board and the CEO of the company. Messrs. Schmatz and Cochran will continue to be the President and CFO of the company respectively. The incumbent management of DWI will continue to drive growth strategies for the company. Mr. Shrikant Himatsingka, Executive Director, Himatsingka Seide, said “The three acquired entities will collectively contribute Rs 1100 crores in annual revenues. The acquisitions have been made at reasonable valuations and will be accretive to us. In addition, they will consume the entire capacity of the recently commissioned Rs.400 crore bedding facility. The group now has five strong brands under its fold and is exploring the opportunity of bringing them to India and other Asian markets. The revenues from our global distribution arms coupled with strong retail growth will position us to achieve Rs 1200 -1300 crores in revenues next year.” Mr. Michael Bernstein, CEO, DWI stated, “Himatsingka has a long tradition of manufacturing luxury home textile fabrics which will be a great benefit to our brands. Becoming part of a strong vertical group with strong product development capabilities will open up significant opportunities for growth for DWI. This transaction will enhance our position in the marketplace and will benefit all of our customers and associates.” ……2.. :: 2 :: Himatsingka Seide Limited 10/24, Kumarakrupa Road, High Grounds, Bangalore – 560 001 Mr. Dinesh Himatsingka, Managing Director, Himatsingka Seide, said “We have positioned ourselves uniquely by successfully implementing an integrated model. These initiatives have given us critical mass which will enable us to explore new growth opportunities in the future.” Said Tom Murry, President & COO of New York-based Calvin Klein, Inc., “We are very pleased with the strategic alliance created by this transaction. Himatsingka is a world class company with excellent textile manufacturing capabilities and when combined with DWI's marketing and distribution expertise we will have an unparelled vertical home textile business.” Calvin Klein, Inc. is one of the leading fashion design and marketing studios in the world. A wholly owned subsidiary of Phillips-Van Heusen Corporation [NYSE: PVH], Calvin Klein, Inc. designs and markets women’s and men’s designer collection apparel and a range of other products that are manufactured and marketed through an extensive network of licensing agreements and other arrangements worldwide. Brands/lifestyles include Calvin Klein Collection, ck Calvin Klein, Calvin Klein, and Calvin Klein Jeans. Product lines under the various Calvin Klein brands include apparel, accessories, shoes, underwear, sleepwear, hosiery, socks, swimwear, eyewear, watches, jewelry, coats, and fragrances, as well as products for the home.
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"Press Release - DWI Holdings Inc. -18th Oct 2007"Please download to view full document