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Fairness Opinion Detail

HanesBrands to Gildan Activewear

Luxury & Apparel/Aug 2025/Goldman Sachs

Deal Information

Target
HanesBrands
Acquiror
Gildan Activewear
Sector
Luxury & Apparel
Target Type
Public
Acquiror Type
Strategic
Advisors
Goldman Sachs

Transaction Metrics

Enterprise Value
$4.4B
EV / LTM Sales
1.2x
EV / LTM EBITDA
8.9x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Goldman Sachs

EV/LTM EBITDA selected range: 6.0x - 9.3x

7 comps
Jan 2018Billabong International LimitedBoardriders, Inc.--7.4x-
May 2017Kate Spade & CompanyCoach, Inc.--9.3x-
May 2015ANN INC.Ascena retail group, inc.--7.7x-
Mar 2015J.Jill Group Inc.TowerBrook Capital Partners L.P.--6.0x-
Dec 2013The Jones Group Inc.Sycamore Partners--8.3x-
Oct 2012The Warnaco Group, Inc.PVH Corp.--8.1x-
Mar 2010Tommy Hilfiger B.V.PVH Corp.--8.5x-
Mean-7.9x-
Median-8.1x-