NEW YORK—The ownership group of a Montreal-based menswear brand says the suit maker has entered an agreement to acquire a rival brand in the United States.
According to Grano Retail Investments Inc., its Samuelsohn, Ltd. brand has agreed to buy all the tangible assets of U.S.-based Hickey Freeman, including a a 210,000 sq.-ft. factory in Rochester, N.Y.
Terms of the transaction were not disclosed.
The Rochester factory is a diamond in the rough,” Samuelsohn and Grano vice-chairman Lawrence Pollack said in a statement about the acquisition.
Bought from the W Diamond Group, the deal for Hickey Freeman includes a 40-year license agreement.
The factory in Rochester, known as ‘The Temple’, is home to specialty tailors who hand-craft each suit.