Hampshire Acquires Rio Garment

Hampshire Group, Ltd. entered into a definitive agreement to acquire Rio Garment S. de R.L., a Honduras-based apparel manufacturer, for up to $23 million: $6.8 million in cash, $10.5 million in Hampshire stock, and repayment in cash at closing of $5.7 million in certain liabilities. The merger is expected to allow Hampshire access into the fast-growing specialty store channel, while giving Rio Garment access into the department and chain store channels.