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.