Apparel manufacturer Lever Style Corporation has signed a sale and purchase agreement to acquire certain properties of Vista Apparels Limited through its subsidiary. Hong Kong-based knitwear company Vista supplies luxury brands such as Paul Smith and James Perse with sweaters, and digitally-native brands such as the Ministry of Supply.
Lever Style will assume customers, supplier relationships, technical know-how and order book for Vista as per the agreement. The acquisition would allow Lever Style to sell sweaters to its current customers , in addition to the broad range of apparel already offered by the company. Vista’s customers buying Lever Style products are expected to see additional cross-selling opportunities.
“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 capitalising 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 as raw material inventory, with the final purchase price based on performance.