US apparel giant VF Corp has inked an agreement to acquire the Altra athletic and performance-based lifestyle footwear brand from Icon Health & Fitness for an undisclosed amount.
Launched in 2011, Altra is currently sold in 55 countries through more than 1,600 speciality retail locations and a branded e-commerce platform.
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“The active outdoor and performance sector is a large and attractive growth space,” says VF CEO Steve Rendle. “The addition of the Altra brand 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.”
On a trailing 12-month basis, the Altra brand generated about US$50m of revenue. The transaction is expected to be completed in April 2018 and the addition of the brand to VF’s portfolio is expected to be immediately accretive to earnings per share.
The sale will enable Icon to focus on the continuing growth of its NordicTrack and ProForm core brands, Freemotion commercial business, and its iFit connected fitness subscription. “The global health and wellness industry is exploding, and we’re doubling down on that growth,” says its chairman and CEO, Scott Watterson.
The news follows an announcement by VF last month that it plans to sell its Nautica brand.
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By GlobalDataVF announces plans to offload Nautica
