Apparel company Apex Global Brands Inc. has entered an agreement to be acquired by Galaxy Universal, a wholesaling, sourcing and brand management company based in Centennial, Colo.
Galaxy, which is privately held and focuses on the athletic, work and outdoor categories, will pay $2 a share for all outstanding shares of Apex, which trades on the over-the-counter market. Shares closed Tuesday at $2.59.
After the acquisition, the Sherman Oaks apparel licensing company will go private as a wholly owned subsidiary of Galaxy.
Apex, formerly named Cherokee Inc., owns and manages a portfolio of clothing and footwear brands including Tony Hawk Signature Apparel, Hi-Tec, Magnum, 50 Peaks, Liz Lange and Cherokee.