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

Enterprise Value

$4.4B

EV / LTM Sales

1.2x

EV / LTM EBITDA

8.9x

EV / Fwd EBITDA

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

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

7 comps


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

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

WACC: 9.75% – 11.75%
Terminal method: Perpetuity growth
Terminal assumption: 0.0% – 1.0%
Forecast basis: Management Forecasts and NOL Forecasts
Forecast period: third and fourth quarters of fiscal year 2025 through fiscal year 2029

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Goldman Sachs	9.75% – 11.75%	Perpetuity growth	0.0% – 1.0%	Management Forecasts and NOL Forecasts	third and fourth quarters of fiscal year 2025 through fiscal year 2029	Open