Burlington, NC -- New York-based private investment firm Blackstone Group is acquiring Gold Toe Investment Corp. and merging it with a second North Carolina socks maker, the companies announced Tuesday. The merger of Burlington-based Gold Toe and family-owned Moretz Inc., based in Newton, will form one of the world's largest sock hosiery companies with combined annual sales of about $350 million. Terms of the deal were not disclosed. Top executives of Gold Toe and Moretz will remain with the combined company, Blackstone Group said. Blackstone Group is acquiring Gold Toe and simultaneously backing a merger between that company and Moretz, a 60-year-old hosiery manufacturer that employs about 600 people primarily in Newton, Conover and Hickory. Blackstone will be the majority owner of the new company and chief executive officer John Moretz will be the second-largest shareholder. An affiliate of Vestar Capital, which owns the majority interest in Gold Toe, will hold a minority stake in the merged company, Blackstone Group said.
Private Firm Leads Merger Of Socks Makers Gold Toe, Moretz
The merger of Burlington-based Gold Toe and family-owned Moretz Inc., based in Newton, will form one of the world's largest sock hosiery companies
