H2-backed Smartwares buys Hanesbrands Europe

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Consumer essentials retailer Smartwares, a portfolio company of H2 Equity Partners, has wholly acquired Hanesbrands Europe as part of its buy-and-build strategy.

Hanesbrands is focused on promotional textiles and will bring printing competencies to Smartwares' already established consumer retail channel.

The acquisition was wholly financed by Smartwares' existing lenders. The company will continue to run Hanebrands as an independent business, keeping its offices, management and staff in place, the GP said in a statement.

Besides H2 Equity Partners, shareholders in Smartwares include ABN Amro Participations, NPM Capital and management.

A subsidiary of Hanesbrands Inc, Hanesbrands Europe has annual sales of €50m across the European market. Its head office is located in Aachen, Germany, and it has a distribution centre in Gent, Belgium.

H2 is an independent GP that usually focuses on turnarounds. With offices in Amsterdam, Munich and London, the firm has 16 companies in its portfolio and manages funds of around €500m.