Delta Apparel receives ‘unsolicited offer’ for Salt Life

Delta Apparel has said that it has received an “unsolicited offer” to purchase its fishing apparel business Salt Life, leading its board of directors to initiate a strategic review for the brand.

The lifestyle apparel group noted that it had appointed Baird as its financial adviser to oversee the process, adding that it could currently not provide any assurance as to the timing, structure or result of the potential transaction.

On the acquisition offer, which came from an undisclosed party, chairman and chief executive officer of Delta, Bob Humphreys, said that conducting a review of the strategic options for Salt Life was in the best interest of the group’s shareholders.

He went on to say: “The Salt Life team has done an excellent job in taking what was essentially a small regional brand with a primarily wholesale business when we acquired it in 2013 and growing it into a highly profitable business with over 60 million dollars in revenue, a consumer base stretching across the US and internationally, and a variety of new go-to-market strategies, product categories and revenue channels.”

Currently, the American brand operates across 48 US states through wholesale and direct-to-consumer channels, including an expanding e-commerce platform and 25 branded retail stores.

Until Delta’s board approves of the transaction or concludes its review, the company said that it did not intend to comment on the process or its developments.