M&A Deal Summary

VF Acquires Reef Holdings

On March 21, 2005, VF acquired apparel/textiles company Reef Holdings from Swander Pace Capital and Arrowhead Investment Management

Acquisition Highlights
  • This is VF’s 7th transaction in the Apparel/Textiles sector.
  • This is VF’s 6th transaction in the United States.
  • This is VF’s 2nd transaction in California.
Investment Fate
  • Reef Holdings was divested to a consortium of strategic buyers in 2018.

M&A Deal Summary

Date 2005-03-21
Target Reef Holdings
Sector Apparel/Textiles
Buyer(s) VF
Sellers(s) Swander Pace Capital
Arrowhead Investment Management
Deal Type Add-on Acquisition

Target

Reef Holdings

San Diego, California, United States
Reef Holdings Corp. is a manufacturer of footwear. Reef leverages its brand image among its core consumers to expand its presence in shoes and apparel, both in the U.S. and internationally.

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Buyer(S) 1

Buyer

VF

Denver, Colorado, United States

Category Company
Founded 1899
Sector Apparel/Textiles
Employees18,000
Revenue 10.5B USD (2024)
DESCRIPTION
Entrance to VF Corp.'s VF Jeanswear office in Greensboro, North Carolina.
Entrance to VF Corp.'s VF Jeanswear office in Greensboro, North Carolina.

VF is a producer of branded lifestyle apparel with more than 30 brands. VF was founded in 1899 and is based in Greensboro, North Carolina.


DEAL STATS #
Overall 7 of 19
Sector: Apparel/Textiles M&A 7 of 17
Type: Add-on Acquisition M&A Deals 6 of 13
State: California M&A 2 of 7
Country: United States M&A 6 of 16
Year: 2005 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-30 Vans

Cypress, California, United States

Vans, Inc. is a manufacturer and retailer of footwear, apparel, and accessories for men, women, and kids worldwide.

Buy $396M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-02 The North Face

San Leandro, California, United States

The North Face, Inc.brand has grown from a single storefront to a respected global brand that generates over a billion dollars in annual sales in just over 40 years. Yet the fundamental mission remains unchanged: building the best gear for the outdoors, supporting the preservation of wild places, and inspiring a global movement of outdoor exploration.

Buy $25M

Seller(S) 2

SELLER

Swander Pace Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Swander Pace Capital (SPC) is a private equity firm focused on investing in North American middle-market consumer products companies. SPC looks for companies exhibiting strong growth potential and sales of up to $500 million. Specific areas of interest include food/beverage, household products, health living, packaging, personal care, pet products, sporting goods, specialty apparel, and specialty distribution. Prospective investment situations include management-led buyouts, consolidations, divestitures, turnarounds, recapitalizations, and growth capital financings. SPC was formed in 1996 and has offices in San Francisco, California; Bedminster, New Jersey; and Ontario, Canada.


DEAL STATS #
Overall 8 of 42
Sector: Apparel/Textiles M&A 2 of 2
Type: Add-on Acquisition M&A Deals 4 of 25
State: California M&A 2 of 10
Country: United States M&A 8 of 35
Year: 2005 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-01 Genisoy Food Co.

Tulsa, Oklahoma, United States

Genisoy Food Co., Inc. is a provider of healthy food products with a focus on soy. Genisoy offers high quality, great-tasting, soy-based snacks, protein bars, and powders under the Genisoy and MLO brands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-01 Prepared Meal Holdings

Berkeley, Illinois, United States

Prepared Meal Holdings, Inc. prepares, assembles and distributes pre-plated meals to schools, senior centers, community service programs, healthcare facilities, and airlines.

Buy -
SELLER

Arrowhead Investment Management

Greenwich, Connecticut, United States

Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1996
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Arrowhead Investment Management is a provider of subordinated debt, preferred stock and non-control common equity to mid-sized businesses. Arrowhead invests alongside private equity sponsors in acquisitions, buyouts, recapitalizations and growth capital transactions. Arrowhead is a generalist investor, however the Firm tends to focus on healthcare, packaging, chemicals, consumer products, industrial manufacturing, value-added distribution and business services. Arrowhead looks to commit $10 to $100 million in transactions valued up to $500 million. Arrowhead Investment Management was formed in 1996 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 5 of 24
Sector: Apparel/Textiles M&A 1 of 2
Type: Add-on Acquisition M&A Deals 2 of 5
State: California M&A 1 of 3
Country: United States M&A 5 of 24
Year: 2005 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-01 Ecovyst

Malvern, Pennsylvania, United States

Ecovyst is a worldwide producer of specialty inorganic performance chemicals, high-end catalysts and engineered glass beads for the consumer, oil & gas, transportation safety, specialty plastics and industrial markets. Ecovyst was founded in 1831 and is based in Malvern, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-25 Kurt Versen Co.

Westwood, New Jersey, United States

Kurt Versen Co. is a designer and manufacturer of high end specification-oriented, recessed downlighting for commercial applications. Kurt Versen Co. was formed in 1920 and is based in Westwood, New Jersey.

Buy -