NEW YORK—Sourcing giant Li & Fung announced in Hong Kong early this morning that it will acquire Fishman & Tobin, the 97-year-old boys’ apparel company.
Though the deal has not officially closed yet, it is expected to be finalized in a matter of days. Chairman and CEO Mark Fishman and president Jim Rosenfeld will stay on as co-presidents of the new company.
In a joint statement, they said, “We believe that this strategic relationship is best for the long term growth and future of Fishman and Tobin and we’re very happy to be associated with a company with Li & Fung’s reputation. It appears that working with Rick Darling and team has been an amazing experience for those executives whose companies have been acquired, and we’re looking forward to being a part of their organization.”
Rick Darling, the president of Li & Fung’s LF USA division, commented in a statement, “The addition of Fishman & Tobin is consistent with our strategy of building on our core competencies to offer greater resources to the retail community. With a strong portfolio of licensed brands, owned brands and private label, Fishman & Tobin has built a leadership position in the boys’ and young men’s dress and sportswear markets. Their deep expertise and strong brand management capabilities will strengthen our position in the youth business and expand our reach into the boys’ and girls’ uniform market. Mark, Jimmy and their team have built a reputation for excellence in the industry and we are excited to welcome them to LF USA.”
The deal was coordinated with the help of MMG acting as exclusive financial advisor to Fishman & Tobin initiated and negotiated the transaction. Allan Ellinger, MMG senior managing partner, stated “We are extraordinarily proud to have worked with and represented Mark Fishman, Jimmy Rosenfeld and the company in this process and believe that Fishman Tobin is a perfect strategic compliment to LF USA’s expanding portfolio of businesses.”
Li & Fung acquired Kids Headquarters, a young men’s and children’s wear company, in 2009.
Fishman & Tobin was founded in 1914 by brothers-in-law Samuel Fishman and Louis Tobin and has been family-owned since.
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