Randa acquires Swank Randa Accessories Leather Goods LLC, which makes and distributes lifestyle accessories, recently completed its acquisition of Swank Inc., a leading designer of men's and women's belts, leather accessories, jewelry and suspenders.

The acquisition was bought at $10 a share, which is estimated to mean a $57.3 million total purchase of the company.

"We are very pleased that Swank is joining our family of companies," said Jeffrey Spiegel, CEO of Randa. "The strategic benefits of this combination are clear and we are happy to have provided terms that were financially attractive for Swank's stockholders. Randa continues to invest in the future of our company, our associates, and our retail and brand partners."

Spiegel added that the acquisition gives "additional classifications, points-of-sale, brands and scale" to the growing brand of Randa. The acquisition appears to be another move toward supply chain optimization for Randa, which began as a neckwear company and now distributes fashion and lifestyle products worldwide.

Swank stockholders who hold stock certificates will receive letters that will instruct them on how to send their shares to American Stock Transfer & Trust Company.

Swank recently reported its financial results for the three months ending in March, showing an increase of 8.9 percent in sales.
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