Steve Rendle is building on VF Corp.’s workwear business, inking a $820 million cash deal to buy Williams-Dickie Mfg. Co.
Home to Dickies, Workrite, Kodiak, Terra and Walls, Williams Dickie is family owned and has sales of about $875 million annually. Once completed, the deal will give VF a workwear business that has revenues of $1.7 billion and also includes Wrangler, Riggs Workwear, Timberland Pro, Red Kap, Bulwark, and Horace Small.
“When we introduced our 2021 global business strategy earlier this year, reshaping our portfolio to accelerate growth was our highest priority,” said Rendel, VF’s president and chief executive officer, calling the acquisition “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.”
Philip Williamson, ceo of Williamson-Dickie, will remain with the company, which is based in Fort Worth, Tex.
“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,” Williamson said. “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.”