DENVER — VF Corp., a provider of branded lifestyle apparel, footwear and accessories, reports it has entered into a definitive agreement to sell the occupational portion of its Work segment to a subsidiary of Redwood Capital Investments LLC, a diversified holding company.
The occupational workwear portion of VF’s Work segment includes the following brands: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®.
The sale does not include the Dickies® and Timberland PRO® brands.
“The sale of our occupational work brands reflects our continued focus on transforming VF into a more consumer-minded and retail-centric enterprise while further simplifying our portfolio and operating model,” says Steve Rendle, VF’s chairman, president and chief executive officer.
“We are pleased to have reached this agreement with Redwood Capital Investments. They are an ideal owner to guide these brands and businesses into their next phase of growth.”
The transaction, which is expected to close in the first quarter of fiscal 2022, is subject to customary closing conditions and regulatory approvals for a closing to occur. Terms of the agreement were not disclosed.
Barclays is serving as exclusive financial advisor to VF on the transaction. Davis Polk & Wardwell LLP is acting as legal advisor. J.P. Morgan is serving as exclusive financial advisor to Redwood Capital Investments, and Kirkland & Ellis LLP is acting as legal advisor.