VF Corporation has made announcement that the company has signed a definitive purchase agreement to buy ‘Altra’ footwear brand from ICON Health & Fitness, Inc. Complete transaction is expected to get completed in the month of April. According to a press release by the VF Corporation, other terms and conditions of the agreement have not been disclosed.
Altra was started by ICON Health & Fitness in 2011 that sold lifestyle shoes, road and trail in 55 countries through the medium of 1,600 specialty retailers and their website. The Logan, Utah company also owns the brands NordicTrack, ProForm, iFit, Freemotion and Weider.
VF Corporation which was founded in 1899 has other lifestyle brands under its wings- The North Face, Timberland, Wrangler, Lee, Vans, Eagle Creek, Smartwool, Reef, JanSport, Kipling, Napapijri and Eastpak. Now the Altra brand joins it along with the league of these companies.
“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.
The press release also stated that the Altra brand had generated about $50 million of revenue on a trailing 12-month basis.