V.F. Mergers and Acquisitions Summary

Apparel/textiles Company

V.F. has acquired 19 companies, including 3 in the last 5 years. A total of 5 acquisitions came from private equity firms. It has also divested 8 assets.

V.F.’s largest acquisition to date was in 2011, when it acquired Timberland for $2.0B. It’s largest disclosed sale occurred in 2016, when it sold V.F. - Contemporary Brands Businesses to Delta Galil Industries for $120M. V.F. has acquired in 7 different US states, and 4 countries. The Company’s most targeted sectors include apparel/textiles (89%) and business services (6%).

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M&A Summary

  • M&A Total Activity26
    • M&A Buy Activity18
    • M&A Sell Activity8
  • Total Sectors Invested 3
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 14
  • M&A Advisors 3

V.F. Corp.

8505 East Orchard Road,
Greenwood Village, North Carolina 80111
United States,
(720) 778-4000
www.vfc.com

V.F. Corp. is a producer of branded lifestyle apparel with more than 30 brands. The company’s top six brands are The North Face, Wrangler, Timberland, Vans, Lee and Nautica. V.F. was formed in 1899 and is based in Greensboro, North Carolina.


M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.6/yr) # 15 - 1 2 - - 18
vol $4.5B $820M $5.4B
Sell (1.4/yr) # 1 4 1 2 - - 8
vol $120M $120M
  26

Most Recent M&A

Company Date Value Type
Reef Holdings Corp. 2018-10-04 - Divestiture
San Diego, California · www.reef.com
Icebreaker New Zealand Ltd. 2018-04-03 - Add-on Acquisition
Auckland, New Zealand · www.icebreaker.com
Nautica Apparel, Inc. 2018-03-19 - Divestiture
New York, New York · www.nautica.com
Icon Health & Fitness, Inc. - Altra 2018-03-14 - Divestiture
Logan, Utah · www.altrarunning.com
Williamson-Dickie Manufacturing Co. 2017-08-14 820M USD Add-on Acquisition
Fort Worth, Texas · www.dickies.com
V.F. Corp. - Licensed Sports Group Business 2017-04-04 - Divestiture
, United States
7 For All Mankind LLC 2016-06-30 - Divestiture
Rancho Dominguez, California · www.7forallmankind.com
Ella Moss 2016-06-30 - Divestiture
Los Angeles, California · www.ellamoss.com
Splendid 2016-06-30 - Divestiture
Los Angeles, California · www.splendid.com
V.F. Corp. - Contemporary Brands Businesses 2016-06-30 120M USD Divestiture
Greensboro, North Carolina
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
VF Imagewear, Inc.    - Majestic Athletic, Inc. 2007-02-28 1
Nashville, Tennessee · www.vfimagewear.com Easton, Pennsylvania · www.majesticathletic.com
VF Outdoor, Inc.    - Eagle Creek, Inc. 2007-01-29 1
Santa Fe Springs, California Carlsbad, California · www.eaglecreek.com
Vans, Inc.    - Switch Manufacturing, Inc. 1998-07-21 1
Cypress, California · www.vans.com San Francisco, California

M&A by Sector

Sector Buy # Value Sell # Value
Apparel/Textiles 16 (89%) 5.3B (98%) 7 (88%) 120M (100%)
Business Services 1 (6%) 57M (1%) - -
Leisure 1 (6%) 25M (< 1%) - -
Retail - - 1 (13%) -
Total 18 $5.4B 8 $120M

By Geo

State/Country Buy Value Sell Value
United States 15 5.4B 8 120M
  California 7 1.3B 4 -
  New York 2 1.2B 2 -
  Utah 1 - - -
  Texas 1 820M - -
  Pennsylvania 1 - - -
  New Hampshire 1 2.0B - -
  North Carolina - - 1 120M
Belgium 1 - - -
New Zealand 1 - - -
Spain 1 - - -
Domestic 15 (83%) 5.4B (100%) 8 (100%) 120M (100%)
Cross-border 3 (17%) - - -
Total 18 $5.4B 8 $120M

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch
1
Citigroup Investment Banking
1
Legal Deals
Davis Polk & Wardwell LLP
2

Deal Values

buy # Total
> $1B 1 $2.0B
$100M to $1B 6 $3.3B
< $100M 2 $82M
TOTAL $5.4B
Largest Timberland LLC
$2.0B (2011-09-13)
sell # Total
$100M to $1B 1 $120M
TOTAL $120M
Largest V.F. Corp. - Contemporary Brands Businesses
$120M (2016-06-30)

M&A Connections

Deals %
Acquired from
PE Firm(s)
56%
5 56%
Strategic(s)
44%
4 44%
Divested to
PE Firm(s)
13%
1 13%
Strategic(s)
88%
7 88%

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