A subsidiary of Lever Style Corporation (“Lever Style” or the “Group”) (stock code: 1346) has entered into a sale and purchase agreement to acquire certain assets of Vista Apparels Limited (“Vista”). Hong Kong-headquartered knitwear manufacturer Vista supplies sweaters to premium brands such as Paul Smith and James Perse and digitally-native brands like Ministry of Supply.
Lever Style will assume Vista’s customers, supplier relationships, technical knowhow, and order book. The acquisition enables Lever Style to offer its existing customers sweaters in addition to the wide range of apparel the company already provides. Additional cross-selling opportunities are expected from Vista’s customers purchasing Lever Style products.
“The Vista acquisition is a first step towards our goal to acquire companies that expand our business opportunities with our customers and further strengthen our market position,” said Stanley Szeto, Executive Chairman of Lever Style. “We expect to start capitalizing on the synergies with Vista in 2021, and to announce further acquisitions in due course.”
The acquisition is structured as an agreement to purchase certain of Vista’s assets such raw material inventory, with the final purchase price based on performance.