This Fund Sold $49.5 Million of Gildan as the Apparel Maker Pursues $2.2 Billion HanesBrands Merger
Key Points
Connecticut-based Coliseum Capital Management sold about 1 million shares of Gildan in the third quarter for an estimated $49.5 million.
The transaction represents a 4.8% change in 13F reportable assets under management.
The move marks a full exit for Coliseum, which reported holding no shares of Gildan at quarter-end.
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On November 14, Connecticut-based Coliseum Capital Management fully exited its position in Gildan Activewear (NYSE:GIL), reducing exposure by $49.5 million, according to a new SEC filing.
What Happened
According to a U.S. Securities and Exchange Commission (SEC) filing dated November 14, Coliseum Capital Management reported a complete sale of its stake in Gildan Activewear, amounting to a reduction of about 1 million shares. The estimated value of the transaction, based on the quarterly average price, was approximately $49.5 million.
What Else to Know
Top holdings after the filing:
- NASDAQ: SONO: $235.9 million (23% of AUM)
- NYSE: HRI: $222.3 million (21.7% of AUM)
- NYSE: NATL: $106.3 million (10.4% of AUM)
- NYSE: MBC: $99.6 million (9.7% of AUM)
- NYSE: UTI: $88.4 million (8.6% of AUM)
As of Friday, shares of Gildan Activewear were priced at $55.82, up 13% over the past year and only slightly underperforming the S&P 500's 14% gain in the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close Friday) | $55.82 |
| Market capitalization | $8.3 billion |
| Revenue (TTM) | $3.4 billion |
| Net income (TTM) | $475.1 million |
Company Snapshot
Gildan Activewear is a leading global manufacturer of basic apparel, leveraging scale and vertical integration to deliver cost-efficient products to a broad customer base. The company’s diversified brand portfolio and extensive distribution network support its competitive positioning in the apparel manufacturing sector. Its strategic focus on operational efficiency and brand strength has enabled consistent financial performance and international market reach. The company primarily serves wholesale distributors, screen printers, retailers, and lifestyle brand companies across North America, Europe, Asia-Pacific, and Latin America.
Foolish Take
Coliseum's exit comes at an interesting time for Gildan, which isn’t just another apparel manufacturer right now—it’s in the middle of reshaping its entire scale and competitive position through its planned $2.2 billion acquisition of HanesBrands, a deal expected to double revenue and unlock $200 million in annual cost synergies within three years, according to the company’s announcement. Yet despite that backdrop, a large shareholder chose to exit entirely.
A new SEC filing shows the fund sold all 1 million shares of Gildan Activewear in the third quarter, a reduction worth roughly $49.5 million based on quarterly average prices. That move shifts Gildan out of a portfolio now dominated by Sonos, Herc Rentals, and National Storage Affiliates.
Gildan’s most recent earnings underscore the magnitude of what investors are underwriting. The company reaffirmed 2025 guidance and highlighted a record adjusted operating margin of 23%. Management has emphasized the deal as a “historic moment,” noting that the merged platform will create one of the largest global apparel players by units sold. Nevertheless, some might be left wondering: Does the HanesBrands acquisition materially enhance Gildan’s moat—or introduce integration risk at the wrong time?
Glossary
Exited its position: When an investor sells all shares of a particular investment, fully closing out their holding.
13F reportable assets: Assets that institutional investment managers must disclose in quarterly SEC Form 13F filings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Position: The amount of a particular security or asset held by an investor or fund.
Fund downsizing: The process of reducing the total assets or holdings managed by an investment fund.
Stake: The ownership interest or share an investor holds in a company.
Wholesale distribution: Selling goods in large quantities to businesses, rather than directly to consumers.
Screen printers and embellishers: Businesses that print designs or add decorative elements to apparel and textiles.
Vertical integration: A company’s ownership and control of multiple stages of its production or supply chain.
Brand portfolio: The collection of brands owned and managed by a single company.
Operational efficiency: The ability of a company to deliver products or services using the least amount of resources.
TTM: The 12-month period ending with the most recent quarterly report.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Sonos. The Motley Fool recommends Herc. The Motley Fool has a disclosure policy.
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