Hanesbrands has announced the acquisition of GearCo, a manufacturer of licensed apparel in college bookstores, for $55 million.

GearCo, known as Gear for Sports, sells logo apparel under several brand names - one of which is Hanesbrands' Champion label. In 2010, Gear for Spots had approximately $225 million in sales and a profit margin of more than 11 percent.

The acquisition is expected to spur an immediate increase in the value of Hanesbrands shares.

"We have significant growth synergies in both the collegiate bookstore channel and our existing retail channels and can take advantage of our low-cost global supply chain," said Hanesbrands CEO Richard A. Noll.

The company has recently renewed focus on its outerwear segment, including the Champion activewear brand, which has high profit margins. After the acquisition, approximately 20 to 25 percent of Hanesbrands' sales will be graphic apparel.

Based in Winston-Salem, North Carolina, Hanesbrands was spun off from the Sara Lee Corporation in 2006. The company manages several brands in addition to Champion, including Playtex, Barely There, Wonderbra and Bali.