Gildan Activewear (NYSE: GIL ) just bought itself a new wardrobe. The company announced it has acquired "substantially all of the assets" of privately held screen printing and apparel decoration specialist New Buffalo Shirt Factory for around $7 million.
In the press release announcing the news, Gildan trumpeted the synergies between it and its new acquisition. It believes New Buffalo will "complement the further development of Anvil's business with the major consumer brands which it supplies, and this customer base is expected to fully utilize the capacity of the New Buffalo facilities."
Gildan expects the transaction to close immediately.