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VF Corporation to acquire 100% of Icebreaker Limited

We are delighted to announce that Pencarrow Private Equity (“Pencarrow” or the “Fund”) has accepted an offer by VF Corporation (NYSE:VFC) to acquire 100% of Icebreaker Limited.

Founded in 1899, VF is one of the world’s largest apparel, footwear and accessories companies with operations spanning numerous geographies, product categories and distribution channels. VF has a diverse portfolio of iconic lifestyle brands, including The North Face®, Timberland®, SmartWool® and Vans®.

Icebreaker is highly complementary to VF’s existing portfolio. Icebreaker’s passion for animal welfare and social and environmental ethics will strengthen VF’s commitment to social and environmental responsibility. We believe the acquisition represents an exciting step for both companies, particularly as VF looks to further expand into sustainable, natural performance apparel. VF currently intends to keep the Icebreaker management team largely in place, including Rob Fyfe (chairman) and Jeremy Moon (founder) who will have an ongoing role with the company.

Pencarrow invested in Icebreaker in November 2015 alongside the Accident Compensation Corporation, management and selected existing shareholders. Under Pencarrow’s guidance, Icebreaker successfully executed a number of strategic initiatives to drive shareholder value, including better alignment of the Icebreaker brand with consumer demand and product assortments, optimisation of Icebreaker’s direct-to-consumer strategy, and a number of margin improvement initiatives.

The offer from VF is subject to normal settlement adjustments for external indebtedness and working capital, in addition to a limited number of pre-closing conditions. Subject to timing of New Zealand Overseas Investment Office approval, the transaction is expected to settle in early April 2018. Pencarrow is very pleased with the performance of Icebreaker and the outcome delivered to the Fund’s investors.

For additional information, please contact either Rod Gethen or Jonathan Goldstone.