Cross Keys Capital > Portfolio Items > Superior Uniform Group, Inc.

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Superior Uniform Group, Inc.

Closing Date: 07/01/2013

Acquired by HPI Direct, Inc. | Industry: Consumer Discretionary | Sub-Industry: Apparel

Deal Overview

Superior Uniform Group, Inc. “Superior”, established in 1920 and headquartered in Seminole, Florida, is one of America’s foremost providers of fine uniforms and image apparel, acquired substantially all of the assets of HPI Direct, Inc. (“HPI”) of Alpharetta, Georgia. HPI has built a stellar reputation for quality and responsiveness as a privately owned company specializing in the design, manufacture and distribution of uniforms to major domestic retailers, foodservice chains, transportation and other service industries throughout the United States.

HPI’s award-winning image apparel is worn by some of the most prestigious brands in the markets that they serve. Furthermore, HPI will continue to service its customers from its location in Alpharetta, Georgia and will operate as a division of Superior Uniform Group.

Cross Keys Capital “Cross Keys”, LLC represented Superior on the buy side advisory and provided detailed valuation, extensive negotiations, and adequate due diligence. Cross keys initially introduce HPI Superior and Cross Keys have maintained a long standing relationship and have consummated multiple deals together.

Superior and HPI have had a respectful relationship for a long time. Given the fast pace growth of HPI, there was a continued disconnect in valuation expectations between to two parties. Cross Keys skillfully and creatively negotiated terms that were acceptable to both sides which included: cash at close, cash earnout, Superior equity, and additional flexibility given certain financial achievements. The creativity Cross Keys brought to the deal bridged the valuation gap between both parties allowing for a successful close.

  • 2013