New York based apparel giant Warnaco (www.warnaco.com) is adding another brand to its already wide-ranging stable of companies: renowned California surf label Ocean Pacific Apparel Corp, or OP for short (www.op.com).

In a deal announced earlier this month, Warnaco said it will pay $40 million in cash and assume $1 million in debt to acquire the 32-year-old Irvine, California-based OP, which offers men’s, women’s, young men’s, juniors’ and kids’ apparel and accessories worldwide through four labels: OP, Ocean Pacific, OP Classics and Seven 2.

Warnaco also said that Dick Baker, Ocean Pacific’s current president, will remain in his role and continue to guide the company. Baker said in a statement, "We are very excited to become part of the Warnaco team. We believe OP will benefit greatly from the talent, infrastructure and global reach of their organization. Utilizing Warnaco’s platform, we will have the experience necessary to capitalize on the many opportunities that we all see for our brand in the US and abroad."

The OP acquisition, which is subject to regulatory approval, is expected to close this quarter.

OP will join numerous other well-known brands when it formally enters under Warnaco’s roof in the weeks ahead. Warnaco’s owned and licensed brands – which span intimates, menswear, jeanswear, swimwear, and men’s and women’s sportswear and accessories – include Speedo, Cole of California, J.Lo lingerie, Nautica swimwear, Michael Kors swimwear and Calvin Klein underwear.