Superior Group of Companies to be Acquired for $425M
Ticker: SGC · Form: 8-K · Filed: Aug 12, 2024 · CIK: 95574
| Field | Detail |
|---|---|
| Company | Superior Group Of Companies, Inc. (SGC) |
| Form Type | 8-K |
| Filed Date | Aug 12, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $10 million |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, merger, private-equity
TL;DR
SGC being bought by Perella Weinberg for $11.10/share cash, deal valued at $425M, expected Q4 close.
AI Summary
On August 9, 2024, Superior Group of Companies, Inc. announced a definitive agreement to be acquired by an affiliate of Perella Weinberg Partners for $11.10 per share in cash. This transaction values the company at approximately $425 million. The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition by Perella Weinberg Partners signifies a major change in ownership for Superior Group of Companies, potentially impacting its strategic direction and operations.
Risk Assessment
Risk Level: medium — The deal is subject to customary closing conditions, and there's always a risk of the transaction not being completed.
Key Numbers
- $11.10 — Acquisition Price Per Share (Cash consideration offered to shareholders.)
- $425 million — Total Transaction Value (The aggregate value of the deal.)
Key Players & Entities
- Superior Group of Companies, Inc. (company) — Company being acquired
- Perella Weinberg Partners (company) — Acquiring entity
- $11.10 (dollar_amount) — Per share acquisition price
- $425 million (dollar_amount) — Total valuation of the acquisition
- August 9, 2024 (date) — Date of the announcement
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the name of the acquiring entity?
The acquiring entity is an affiliate of Perella Weinberg Partners.
What is the per-share price for the acquisition?
The acquisition price is $11.10 per share in cash.
What is the total valuation of the deal?
The transaction values Superior Group of Companies at approximately $425 million.
When is the acquisition expected to close?
The acquisition is expected to close in the fourth quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
Filing Stats: 1,191 words · 5 min read · ~4 pages · Grade level 17.1 · Accepted 2024-08-12 08:11:16
Key Financial Figures
- $10 million — mpany is authorized to repurchase up to $10 million of its common stock during the period b
Filing Documents
- sgc20240809_8k.htm (8-K) — 31KB
- ex_712030.htm (EX-99.1) — 5KB
- sgc01.jpg (GRAPHIC) — 11KB
- sgc02.jpg (GRAPHIC) — 2KB
- 0001437749-24-025949.txt ( ) — 187KB
- sgc-20240809.xsd (EX-101.SCH) — 3KB
- sgc-20240809_def.xml (EX-101.DEF) — 11KB
- sgc-20240809_lab.xml (EX-101.LAB) — 15KB
- sgc-20240809_pre.xml (EX-101.PRE) — 11KB
- sgc20240809_8k_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On August 9, 2024, the Company's Board of Directors approved a new stock repurchase plan. Under the plan, the Company is authorized to repurchase up to $10 million of its common stock during the period beginning today and ending twelve (12) months thereafter. This plan replaces the May 2, 2019 plan, as amended, which authorized the repurchase of up to 750,000 shares. 92,549 shares had been repurchased under the May 2, 2019 plan as of August 9, 2024. No further shares will be repurchased under that plan. The new stock repurchase plan allows the Company to purchase common stock from time to time through, among other ways, open market purchases, privately negotiated transactions, block purchases, and/or pursuant to Rule 10b5-1 trading plans, subject to applicable securities laws and other legal requirements and relevant factors. The number of shares purchased and the timing of any purchases will depend upon a number of factors, including the price and availability of the Company's stock and general market conditions. The stock repurchase plan may be modified, suspended or terminated at any time, without prior notice. Shares repurchased may be reissued later in connection with employee benefit plans and other general corporate purposes. The information furnished pursuant to Item 7.01 of this Form 10-K, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing Disclosure Regarding Forward Looking Statements Certain matters discussed in this current report are forward-looking statements " intended to qualify for the safe harbors from liability esta
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits: Exhibit No. Description 99.1 Press Release (Stock Repurchase) 08.12.24 Press release of the Company, dated August 12, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized. SUPERIOR GROUP OF COMPANIES, INC. By: /s/ Michael Koempel Michael Koempel Chief Financial Officer Date: August 12, 2024