Sun Capital completes Kellwood acquisition

Sun Capital Securities Group LLC this morning announced the completion of the acquisition of Kellwood Co. for approximately $767 million, including the assumption of Kellwood’s net debt.

The transaction was consummated through a cash tender offer by Cardinal Integrated, LLC, a wholly-owned subsidiary of Sun Capital, followed by a short-form merger of a subsidiary of Cardinal Integrated with and into Kellwood. As a result of this acquisition, Kellwood becomes a wholly-owned subsidiary of Cardinal Integrated.

Jason Bernzweig, Vice President of Sun Capital, said “We are pleased to announce the successful completion of Sun Capital’s acquisition of Kellwood. We are eager to continue fostering our relationship with Kellwood’s management and employees and complete a smooth
transition process, which is already underway.”

At the time of the merger, all outstanding shares of Kellwood common stock not validly tendered and accepted for payment in the tender offer were converted, subject to appraisal rights, into the right to receive $21 per share in cash (the same price paid in the tender offer). The paying agent for the merger will mail to the remaining former shareholders of Kellwood materials necessary to exchange their former Kellwood shares for such payment.

As a result of the merger, Kellwood’s common stock will be delisted and will cease to trade on the New York Stock Exchange.