Superior Uniform Group, a Seminole maker of uniforms for businesses, said it bought most of the assets of another uniform maker, HPI Direct of Alpharaetta, Ga. HPI specializes in uniforms to retailers, food service chains, transportation companies like Amtrak and Frontier Airlines as well as other service industries.
Subject to adjustment, the initial deal consists of $32.5 million in cash, issuance of $2.3 million in shares of Superior Uniform Group's common stock, potential future payment of up to $7.2 million in additional contingent consideration through 2017, and the assumption of certain liabilities of HPI Direct. HPI will operate as a division of Superior Uniform Group. HPI had revenues of $16 million in the first half of 2013. Superior Uniform's second quarter numbers are not released yet but it reported sales of about $31 million in the first quarter of this year. Superior Uniform currently employs 735 workers. HPI employs 130.