USA: VF Corp Buys Surf Apparel Firm Reef
Apparel giant VF Corporation has signed a deal to buy surf clothing and footwear company Reef Holdings Corporation from an investor group led by majority shareholder Swander Pace Capital.
Although the financial terms of the deal were not disclosed, San Diego, California-based Reef is expected to contribute about $45 million to VF's sales.
Reef Holdings Corp, which makes sandals, shorts, tops and beachwear accessories, will retain its current headquarters and will become incorporated into VF's growing outdoor business, headed by Eric Wiseman, vice president and chairman of VF's outdoor and sportswear coalitions.
VF's outdoor coalition sales exceeded the $1 billion mark in 2004, and have grown nearly seven-fold over the past 5 years.
The acquisition, which will be funded with existing cash balances and is expected to be completed by the end of April, is subject to normal closing conditions.
VF Corp's principal brands include Lee, Wrangler, Riders, Rustler, Vanity Fair, Vassarette, Bestform, Lily of France, Nautica, and Earl Jean.
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