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Active Apparel Group Inc., a New York, NY-based designer, marketer and supplier of women's and men's activewear, sportswear and swimwear, and the key licensee of the Everlast brand, will acquire the latter in a stock-and-cash deal valued at approximately $60 million. Following the close of the deal, which is expected to take place by the end of the year, Active Apparel will be renamed Everlast Worldwide and will own all worldwide licensing rights to the legendary brand, as well as the company's production facilities located in the Bronx section of New York, NY, and Moberley, MO.
In an official statement, George Q Horowitz, Active Apparel's chairman, president and CEO, said: "The opportunity to acquire a brand name on a par with...