Berkshire Hathaway acquired Burlington Industries, Inc. for ~$579 million, a transaction announced in February 2003, structured as All-cash acquisition tied to a Chapter 11 plan of reorganization; subject to a competing-bid auction process and regulatory clearance..
Burlington Industries, Inc. operates in Textiles / manufacturing (softgoods for apparel and interior furnishings), is based in United States, Mexico and India, with a global sourcing network based in Hong Kong (headquartered in Greensboro, North Carolina). Berkshire Hathaway executed a definitive agreement to acquire Burlington Industries, a diversified marketer and manufacturer of softgoods for apparel and interior furnishings, as part of Burlington's emergence from Chapter 11 reorganization. The all-cash offer estimated roughly $579 million payable to creditors, with Burlington to emerge debt-free as a wholly owned subsidiary. The agreement was subject to a court-supervised process allowing higher and better competing offers.
Berkshire's financial strength would let a debt-free Burlington compete in a consolidating textile industry.
Advisory firms were not disclosed for this transaction.