VF Corporation announces deal to acquire footwear brand Altra
VF Corp has acquired Altra from Icon Health and Fitness in a deal that sees the Greensboro, North Carolina-based apparel company expand its portfolio in the active and performance wear sector.
Altra was launched in 2011 by Icon and makes road, trail and lifestyle footwear. It is sold in 55 countries at more than 1,600 locations and online, and reported revenue of $50 million over the previous 12 month period.
Steve Rendle, Chairman, President and Chief Executive Officer of VF Corporation said, “The active outdoor and performance sector is a large and attractive growth space."
He added that Altra "brings to VF a unique and differentiated technical footwear brand and a capability that when applied across VF’s outdoor footwear, direct-to-consumer and international platforms will serve as a catalyst for growth.”
Icon is a connected fitness product company located in Utah. Its core brands include NordicTrak and ProForm. Scott Watterson, Icon's Chairman and CEO said, “The global health and wellness industry is exploding, and we're doubling down on that growth."
With the sale of Altra Running, Icon plans to focus on its core brands as well as its iFit connected fitness subscription service.
The acquisition is expected to complete by April 2018. Financial terms of the agreement were not disclosed.
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