Chinese clothing label Trimco acquired by Bloomberg Asset Management

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Chinese clothing label Trimco acquired by Bloomberg Asset Management

According to people familiar with the matter, the Chinese clothing label Trimco Group has been acquired by Bloomberg Asset Management Inc. from the buyout firm Affinity Equity Partners.

The people said Brookfield and Affinity completed the transaction after receiving regulatory approvals, but they were not allowed to be identified because the matter was private. The deal values Trimco, a US sportswear giant, as one of its biggest customers, at $800 million to $900 million, according to the people.

They said that the Toronto-based alternative asset manager may try to expand Trimco globally over the long term, both organically and via acquisitions.

Brookfield emerged as a buyer after outbidding other private equity firms, according to Bloomberg News in October. Higher borrowing costs and volatile markets are making deals harder to come by, as are macroeconomic uncertainty and higher borrowing costs. The opportunity for long-term investors with the financial muscle to deploy capital is presented by that backdrop.

A representative for Brookfield didn't respond immediately to requests for comment, while a representative for Affinity didn't immediately respond to requests seeking comment.

Trimco, founded in 1978, makes clothing labels, radio frequency identification tags, packaging and store decorations for some of the biggest apparel retailers, according to its website. More than 800 brands and 8,600 manufacturers are served by the group's Clotex, Labelon and A-Tex units. According to a statement, Trimco's Product DNA platform for monitoring supply chains and social and environmental governance is being used by clothing makers like Asics Corp. in March.

According to its website, Brookfield has more than 750 billion in assets under management and invests in renewable power, infrastructure, private equity, real estate and credit and insurance. It has operations in more than 30 countries.

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