Blackstone Group Plans to Combine Sock Makers

Blackstone Group, manager of the world’s biggest buyout fund, agreed to purchase a majority stake in Gold Toe Investment Corp. and merge the company with Moretz Inc., a competing sock maker for Gap Inc. and Under Armour.

The terms of the transaction were not disclosed in a joint statement by the three companies. New York-based Blackstone would be the combined company’s largest shareholder after buying Vestar Capital Partners’ stake. Chief Executive John Moretz would be the No. 2 shareholder.

The management teams of Gold Toe and Moretz would remain with the combined company.