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Goal is to grow sales to $250 million over next five years
A local group of investors has bought two lines of sporting apparel with annual sales of $164 million from a bankrupt Virginia company, creating one of the Tri-State's largest private companies.
The group, led by Joseph Rippe of Rippe & Kingston Co. and Philip and Stephen Vollmer of Volco Inc., has set up headquarters in Sharonville. They sealed the deal to acquire the two businesses -- T-Shirt City Inc. and California Shirt Sales Inc. -- from Tultex Corp. May 22. Tultex, of Martinsville, Va., is a publicly traded company that filed for protection from its creditors late last year.
Jerry Arrasmith, who has been at T-Shirt City for more than 14 years, will be president and CEO of the two companies, which for now will remain two …