VF offloads Nautica brand
Deal will be completed in H1
VF Corporation has entered into a definitive agreement to sell the Nautica brand business to Authentic Brands Group.
Commenting on the transaction, VF’s Chairman, president and CEO, Steve Rendle said: “As part of VF’s global business strategy, we’ve stated that our highest priority is to actively manage our brand portfolio to ensure that its composition positions us to accelerate growth. This announcement marks yet another example of how we’re delivering on our commitment. We are pleased to have reached this agreement with Authentic Brands Group. The Nautica brand is an iconic, globally recognised brand, and Authentic Brands Group is the ideal owner to guide its next phase of growth and success.”
“We are thrilled to welcome Nautica to the ABG portfolio and are ready to take the helm of this classic American brand,” said Jamie Salter, Chairman and Chief Executive Officer of ABG.
The transaction, which is expected to close in the first half of 2018, is subject to customary closing conditions and regulatory approvals for a closing to occur. Terms of the agreement were not disclosed. BofA Merrill Lynch served as exclusive financial advisor to VF on the transaction. Davis Polk & Wardwell LLP is acting as legal advisor.