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Superior Uniform sees acquisition accretive to FY13 earnings

Superior Uniform Group announced the acquisition of substantially all of the assets of HPI Direct of Alpharetta, Ga. The purchase price for the transaction consists of approximately $32.5M in cash, subject to adjustment, the issuance of approximately $2.3M in shares of Superior Uniform Group's common stock, the potential future payment of up to $7.2M in additional contingent consideration through 2017, and the assumption of certain liabilities of HPI Direct. Concurrent with the closing of the acquisition, Superior renewed its $15M revolver agreement and entered into a new term loan for $30M. Both credit facilities carry five year terms and variable interest rate of LIBOR plus 0.95%. The company said HPI's revenues were $16M for 1H13, and said it expects the acquisition to be accretive to FY13 results excluding acquisition-related expenses.