In a joint statement, the two entities revealed on Monday that they had inked a “definitive merger agreement.” As component of the arrangement, current investors—i.e. the Carlyle Team and Goode Partners—are promoting their stakes in Supreme. The offer by itself is set to be done by the close of the yr. Supreme founder James Jebbia will continue to be with the firm, as will the brand’s senior leadership workforce.
“We are very pleased to sign up for VF, a globe-course corporation that is residence to fantastic makes we have labored with for several years, including The North Face®, Vans®, and Timberland®,” Jebbia said Monday. “This partnership will preserve our exceptional tradition and independence, even though enabling us to increase on the exact same route we have been on since 1994.”
Steve Rendle—VF chairman, president, and CEO—shared comparable optimism concerning the prospective for this deal to guarantee “extended-phrase advancement” for all included.
“The acquisition of the Supreme® brand is additional validation of our eyesight and system to further more evolve our portfolio of brand names to align with the whole addressable industry opportunities we see driving the apparel and footwear sector,” Rendle reported. “The Supreme® brand will even further speed up VF’s hyper-electronic small business model transformation and will be a significant driver of VF’s determination to top rated quartile overall shareholder return and extended-expression value creation.”
Per a report from CNBC, the deal sees VF having to pay $2.1 billion for the Supreme company, with an supplemental $300 million payment to be created “subject matter to gratification of specific put up-closing milestones.”
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