VF Corporation Enters Into Definitive Agreement to Sell the Occupational Portion of Its Work Segment
April 28 2021 - 6:55AM
Business Wire
VF Corporation (NYSE: VFC), a global leader in branded lifestyle
apparel, footwear and accessories, today announced that it has
entered into a definitive agreement to sell the occupational
portion of its Work segment to a subsidiary of Redwood Capital
Investments, LLC, a diversified holding company.
The occupational workwear portion of VF’s Work segment includes
the following brands: Red Kap®, VF Solutions®, Bulwark®, Workrite®,
Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®.
The sale does not include the Dickies® and Timberland PRO®
brands.
Commenting on the agreement, VF’s Chairman, President and Chief
Executive Officer, Steve Rendle said, “The sale of our occupational
work brands reflects our continued focus on transforming VF into a
more consumer-minded and retail-centric enterprise while further
simplifying our portfolio and operating model. We are pleased to
have reached this agreement with Redwood Capital Investments. They
are an ideal owner to guide these brands and businesses into their
next phase of growth.”
The transaction, which is expected to close in the first quarter
of fiscal 2022, is subject to customary closing conditions and
regulatory approvals for a closing to occur. Terms of the agreement
were not disclosed.
Barclays is serving as exclusive financial advisor to VF on the
transaction. Davis Polk & Wardwell LLP is acting as legal
advisor. J.P. Morgan is serving as exclusive financial advisor to
Redwood Capital Investments and Kirkland & Ellis, LLP is acting
as legal advisor.
About VF
Founded in 1899, VF Corporation is one of the world’s largest
apparel, footwear and accessories companies connecting people to
the lifestyles, activities and experiences they cherish most
through a family of iconic outdoor, active and workwear brands
including Vans®, The North Face®, Timberland® and Dickies®. Our
purpose is to power movements of sustainable and active lifestyles
for the betterment of people and our planet. We connect this
purpose with a relentless drive to succeed to create value for all
stakeholders and use our company as a force for good. For more
information, please visit vfc.com.
About Redwood Capital Investments, LLC
Redwood is a long-term holding company headquartered in
Baltimore, MD that acquires and builds businesses across a diverse
set of industries. Redwood’s existing businesses operate in the
distribution, dealership, equipment leasing and real estate
industries. Redwood focuses on creating value through reinvesting
in their businesses to drive growth and create opportunities for
employee advancement while preserving company culture.
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VF Corporation Contacts: Joe
Alkire Vice President, Corporate Development, Investor Relations
and Treasury (720) 778-4051
Craig Hodges Vice President, Corporate Affairs (720)
778-4116
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