Blackstone fails to sell sock maker-NY Post

Nov 29 (BestGrowthStock) – Blackstone Group (BX.N: ) sought a buyer for
one of the world’s largest sock companies this year, but could
not find someone willing to pay a high enough price, the New
York Post said.

The private equity firm could not find a buyer for
GoldToeMoretz at a price that would allow Blackstone to pay back
GoldToe’s loans and leave it profitable, the paper said.

Warren Buffett’s Berkshire Hathaway (BRKa.N: ), which owns
clothing companies Fruit of the Loom, Gildan and Hanesbrands and
fellow private equity firm Kelso, which owns sock maker Renfro,
was not willing to pay $450 million for GoldToeMoretz, a source
close to the situation told the Post.

Blackstone is now looking to arrange an asset-based loan for
the company, the source said.

A Blackstone spokesman declined to comment to the paper.
Blackstone could not immediately be reached for comment by
Reuters.
(Reporting by S. John Tilak in Bangalore; Editing by Hans
Peters)

Blackstone fails to sell sock maker-NY Post