Delta Apparel amends and draws on revolver for Salt Life purchase

By Sara Rosenberg

New York, Aug. 28 - Delta Apparel Inc. amended its asset-based secured revolving credit facility and used borrowings under the revolver to fund the acquisition of Salt Life Holdings LLC, according to a news release.

Salt Life was purchased for $15 million in cash and two promissory notes in the aggregate principal amount of $22 million, and there is an additional payment contingent on certain performance targets being met with respect to sales of Salt Life products in calendar 2019.

Greenville, S.C.-based Delta Apparel is a design, marketing, manufacturing and sourcing company that features a diverse portfolio of lifestyle basic and branded activewear apparel and headwear.

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