ASB MAGAZINE: VF, whose holdings include brands like the North Face, Timberland, Vans and Reef announced on Monday its deal to acquire Williamson-Dickie, the brand best known for the Dickies workwear line. For decades, Dickies and Vans were worn together and served as the uniform for skateboarders everywhere. In recent years, the Vans-and-Dickies combo has infiltrated the worlds of art, fashion, and celebrity teenhood. Not only does the acquisition mean the two worlds of Dickies and Vans will combine under the one roof, it also shines the spotlight on the bourgeoning US$30billion work wear industry and is the first major acquisition play VF have made in recent years.
According to the statement released by VF, the transaction is expected to be completed early in the fourth quarter of this year and VF will pay Williamson-Dickie shareholders approximately US$820 million in cash. On a trailing 12-month basis, Williamson-Dickie generated approximately $875 million of revenue.
Once finalized Williamson-Dickie will become part of VF’s Imagewear coalition. Philip Williamson, Chief Executive Officer of Williamson-Dickie will remain with the company, headquartered in Fort Worth, Texas.
“When we introduced our 2021 global business strategy earlier this year, reshaping our portfolio to accelerate growth was our highest priority,” said Steve Rendle, President and Chief Executive Officer of VF.
“The acquisition of Williamson-Dickie is another meaningful step that delivers on that commitment and further demonstrates our focus on being an active portfolio manager to drive transformative growth for VF and value creation for our shareholders.”
“For nearly a century we’ve worked hard to judiciously grow our company and portfolio of strong brands to maintain our leadership in the global workwear marketplace,” said Philip Williamson.
“Today’s announcement is an authentic and natural next step as we look to combine the strengths of our two companies to create significant opportunities for our employees, vendors, retail partners and ultimately our customers. We expect that under VF’s leadership, we’ll be able to experience the next wave of growth and better meet the needs of workers everywhere.”
“This acquisition combines two great companies and a group of iconic brands to create a global leader in workwear with approximately $1.7 billion in annual revenue,”
Rendle continued. “Williamson-Dickie has a proud history and heritage, and has served a loyal consumer base for nearly 100 years. VF is the ideal steward to honor that heritage while providing a platform for growth that ensures continued success for another century. We look forward to welcoming Williamson-Dickie and its 7,000 dedicated employees to the VF family.”
Williamson-Dickie Mfg. Co. is the world’s leading provider of professional grade performance workwear – designing, manufacturing and delivering innovative work apparel for generations. Based in Fort Worth, Texas, the company’s collection of brands offers superior quality products at an unmatched value across an assortment of apparel, footwear and accessories in more than 100 countries, spanning six continents. Williamson-Dickie employs over 7,000 individuals worldwide and its products are sold through a network of owned retail stores, franchisees, volume retailers, department stores, independent stores and online sites under the Dickies®, Workrite®, Kodiak®, Terra®, Walls®, Big Smith®, Liberty® and Duxbak® brands.
For more information, visit WilliamsonDickie.com.
VIA PRESS RELEASE
