VF Corporation today announced that the company has signed a definitive purchase agreement to acquire the Altra footwear brand from ICON Health & Fitness, Inc.
The transaction is expected to be completed in April. Other terms of the agreement have not been disclosed, according to a press release from VF Corporation.
ICON Health & Fitness started Altra in 2011, selling road, trail, and lifestyle shoes in 55 countries through more than 1,600 specialty retailers and a website. The Logan, Utah company also owns the brands NordicTrack, ProForm, iFit, Freemotion and Weider.
VF Corporation, founded in 1899, will add Altra to its portfolio of other outdoor and lifestyle brands, such as The North Face, Timberland, Wrangler, Lee, Vans, Eagle Creek, Smartwool, Reef, JanSport, Kipling, Napapijri and Eastpak.
“The acquisition of the Altra brand is another example of our efforts to reshape and evolve our portfolio of powerful brands to align with our enterprise value creation model,” said Steve Rendle in the press release.
Rendle, chairman, president and CEO of VF Corporation, added that, “The active outdoor and performance sector is a large and attractive growth space. The addition of the Altra brand brings to VF a unique and differentiated technical footwear brand and a capability that when applied across VF’s outdoor footwear, direct-to-consumer and international platforms will serve as a catalyst for growth.”
The Altra brand generated around $50 million in revenue on a trailing 12-month basis, according to the press release.
"The Altra brand’s truly innovative product and devoted brand loyalists will serve it well in its new home at VF,” said Scott Watterson, ICON's chairman and CEO. “The sale of Altra will accelerate the continuing growth of our NordicTrack and ProForm core brands, our Freemotion commercial business, and iFit, our connected fitness subscription. The global health and wellness industry is exploding, and we're doubling down on that growth.