VF Corp., which just closed on its acquisition of Williamson-Dickie for $820 million, said today it has reached a deal to acquire the winter brand Icebreaker.
Icebreaker is a much smaller brand with annual revenue of about $150 million. Terms of the deal were not disclosed.
The entire Icebreaker assortment is made from Merino wool, plant-based fibers and recycled fibers, which was attractive to VF.
“Bringing the Icebreaker brand into the VF portfolio is a special opportunity,” VF CEO Steve Rendle said in a statement. “Its natural fiber focus is an ideal complement to our SmartWool® brand, which also features Merino in its clothing and accessories.
“Together, the SmartWool® and Icebreaker® brands create an advantaged position for VF as a leader in the growing and underpenetrated natural fiber category. We will have unmatched capabilities that will strengthen our ability to create innovative and sustainable natural fiber products across our brand portfolio, especially in VF’s Outdoor and Workwear brands,” Rendle said.
The deal is expected to close in early 2018 and is expected to be accretive to VF’s earnings per share.