DELTA APPAREL, INC: M&A transaction — Delta Apparel sells Salt Life brand for ~$35.9M, Soffe brand for ~$15.3M in Chapter 11

DELTA APPAREL, INC

Salt Life assets sold to Iconix International & Hilco Merchant Resources for $35.94M cash, closed Sep 19, 2024.
Soffe assets sold to Renfro LLC for $15.3M cash, closed Sep 20, 2024.
Prior FCM Saltwater Agreement terminated; company owes break-up fee of ~$841K and expense reimbursement up to ~$420K.
Company warns common stockholders will likely experience complete or significant loss on their investment.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

DELTA APPAREL, INC completed a disposition involving Iconix International, Inc. and Hilco Merchant Resources, LLC for approximately $35.94 million in cash (closed 2024-09-19).

Action: disposition
Counterparty: Iconix International, Inc. and Hilco Merchant Resources, LLC
Consideration: approximately $35.94 million in cash
Closing: 2024-09-19

Exact text from the filing

and such acquisition of the Salt Life Assets and assumption of the Salt Life Liabilities together, the “Salt Life Transaction”), for a total purchase price of approximately $35.94 million in cash (the “Salt Life Purchase Price”). The Salt Life Purchase Price is subject to adjustment after closing of the Salt Life Transaction based on final net accounts receivable

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

DELTA APPAREL, INC completed a disposition involving Renfro LLC for approximately $15.3 million in cash (closed 2024-09-20).

Action: disposition
Counterparty: Renfro LLC
Consideration: approximately $15.3 million in cash
Closing: 2024-09-20

Exact text from the filing

Liabilities” and such acquisition of the Soffe Assets and assumption of the Soffe Liabilities together, the “Soffe Transaction”), for a total purchase price of approximately $15.3 million in cash (the “Soffe Purchase Price”), plus the payment of certain expenses. The closing of the Soffe Transaction occurred on September 20, 2024. The foregoing summaries of the

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Source: SEC EDGAR

accession 0001437749-24-029899

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