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Article: Crystal Brands completes deal for Palm Beach.
- Article from:
- WWD
- Article date:
- December 16, 1988
CopyrightCOPYRIGHT 1988 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CRYSTAL BRANDS COMPLETES DEAL FOR PALM BEACH
SOUTHPORT, Conn. (FNS) -- Crystal Brands, Inc., said Thursday it has completed the purchase of Palm Beach, Inc., for a total of $300 million, including the refinancing of $205 million of the outstanding debt of Palm Beach.
Plans for the deal were first announced at the end of October.
Palm Beach was acquired from an investor group led by Merrill Lynch Capital Partners, which had taken the women's and men's apparel manufacturer private through a 1985 leveraged buyout.
In 1987 Palm Beach reported sales of $404.5 million. Sales at Crystal Brands in the year ended Dec. 27, 1987, were ...