VF Corporation’s Acquisition of the Altra Footwear Brand

Wells Fargo Securities, LLC served as exclusive financial advisor to VF on the transaction. Davis Polk & Wardwell LLP is acting as legal advisor.

F Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, and ICON Health & Fitness, Inc., a world leader in home, commercial and connected fitness, today announced that they have signed a definitive purchase agreement for the Altra® footwear brand. Terms of the agreement were not disclosed.

ICON Health & Fitness launched the Altra® brand in 2011. It is sold in 55 countries through more than 1,600 specialty retail locations and a branded e-commerce platform. Its specialized, innovative design technology for road, trail, and lifestyle footwear has created a high-growth, award-winning brand with a strong and dedicated enthusiast following.

On a trailing 12-month basis, the Altra® brand generated approximately $50 million of revenue. The transaction is expected to be completed in April 2018 and the addition of the Altra® brand to VF’s portfolio is expected to be immediately accretive to earnings per share.

VF Corporation (NYSE: VFC) outfits consumers around the world with its diverse portfolio of iconic lifestyle brands, including Vans®, The North Face®, Timberland®, Wrangler® and Lee®. Founded in 1899, VF is one of the world’s largest apparel, footwear and accessories companies with socially and environmentally responsible operations spanning numerous geographies, product categories and distribution channels. The company led by Steven E Rendle, Kevin Bailey and Scott H Baxter, in 2017 recorded $11.811 Billion Revenues.

The Davis Polk corporate team includes partner Marc O. Williams (Picture) and associates Jason P. Thompson and Samantha Kobbe. Partner Frank J. Azzopardi and associate Samantha Lefland are providing intellectual property and technology advice. Partner Veronica M. Wissel and associate Charlotte R. Fabiani are providing executive compensation advice. Partners Kathleen L. Ferrell and Rachel D. Kleinberg are providing tax advice. Counsel Brian D. Hirsch is providing real estate advice.

Involved fees earner: Marc Williams – Davis Polk & Wardwell; Jason Thompson – Davis Polk & Wardwell; Samantha Kobbe – Davis Polk & Wardwell; Frank Azzopardi – Davis Polk & Wardwell; Samantha Lefland – Davis Polk & Wardwell; Veronica Wissel – Davis Polk & Wardwell; Charlotte Fabiani – Davis Polk & Wardwell; Kathleen Ferrell – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Brian Hirsch – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: VF Corporation;

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Author: Ambrogio Visconti