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HANGING UP: Even the hanger companies are making M&A news. The Great American Hanger Co., the largest supplier of garment hangers to retailers and fashion firms, as well as trade shows such as MAGIC, has been acquired by Austin, Tex.-based International Hanger, a provider of custom clothes hangers to major retailers, brands and hotels such as Macy’s, Ralph Lauren, Omni and Hilton. The purchase price wasn’t disclosed.
Great American Hanger, whose headquarters will move to Austin but will keep a Miami office, was started by Devon Rifkin in his apartment in 1999. His business also includes hangers.com and hangersdirect.com. About 10 people will stay in the Miami office. Rifkin was named Entrepreneur Magazine’s “Entrepreneur of the Year” in 2008 and Great American Hanger was listed on INC’s 500 Fastest Growing Businesses three straight years.
“I just have been doing it a long time, and I was ready for something else. I want another challenge,” said Rifkin, who will consult for the company during the transition, as well as other businesses, as he prepares for his next venture.