GRUPO SIETE LEGUAS reaches an agreement with the Brazilian Group Mover Participações S.A. For the acquisition of the textile company Santista SA and all of its subsidiaries in Brazil and Argentina.
The Mexican Group Siete Leguas (GSL) successfully reached an agreement with the Brazilian Group Mover Participações S.A. for the acquisition of the 100% of the shares of the Textile company SANTISTA, SA and all its subsidiaries, among which is the Brazilian Division Santista Work Solutions, this company is currently organized into two Business Units: Jeanswear, focused on manufacturing innovative fabrics for the production of denim clothes; and Workwear, focused on the production of special fabrics for professional clothing. Santista has won the “Prêmio Marca Brasil” award, category Uniform Fabrics, for 15 years in a row. We have also agreed to acquire the Argentinian subsidiary Santista Argentina. It’s fair to say that Santista is one of the most recognized textile mills not only in South America where they are leaders in both industries, Jeanswear and Workwear, but Santista is also a recognized company and brand all around the world.
With this new agreement to acquire Santista SA and subsidiaries, Grupo Siete Leguas consolidates its position as one of the biggest textile Groups in the world. Once the acquisition process in finished, Grupo Siete Leguas will have presence in the entire American
Continent with commercial and production activities in: The United States of America, Mexico, Nicaragua, Brazil and Argentina. It’s important to mention that GSL currently has commercial operations with over 40 countries around the world (Europe, Asia, Africa, Australia) to which we export our products, positioning GSL as the biggest Textile Group in the Americas, and with worldwide presence.
Once the acquisition process is finished we will inform, in the meantime it’s important to state that Santista and all of its subsidiaries will continue operating normally under the current management and direction, with no changes in its day by day operation. Siete Leguas and Mover expects to finish this process in the next weeks, and once the process is completed, Siete Leguas Group will take full control of the operations of the company.
José Juan Marcos Gonzalez, Chairman and President of the Board of Grupo Siete Leguas, as well as Homero Wong, CFO of GSL were the people in charge of carrying out the negotiations of the Santista agreement; and both agree in the importance and the strategic character of this agreement for the Group. GSL is very motivated with this acquisition and reinforce the commitment and vision to invest in Brasil and Argentina and enhance and grow the operations in South America.
Grupo Siete Leguas is currently conformed by: Siete Leguas, AALFS Manufacturing, and Tavex Mexico, generating over more than 10 thousand direct jobs, 8 thousand of which are located in Mexico, (distributed in the States of Durango, Coahuila, Tlaxcala, and Puebla), and 2 thousand jobs in Nicaragua. Grupo Siete Leguas is currently the biggest employment generator in all the Mexican State of Durango, and one of the most important corporate groups in Mexico. The group is focused on the production of jeans, denim fabrics, and other textile products for major clothing brands and department stores, such as: Levi’s, Polo Ralph Lauren, JC Penney, Target, Lucky Brand, JCrew, among other important brands in the United States.