A team of Haynes and Boone, LLP lawyers led by Partners Brian Barnard and Tom Tippetts are advising iconic Fort Worth-based clothing company Williamson-Dickie Mfg. Co., which has entered a merger agreement with VF Corporation for the acquisition of Williamson-Dickie for approximately $820 million in cash.
VF Corporation, a global leader in lifestyle apparel, footwear and accessories, and Williamson-Dickie, the maker of such brands as Dickies®, Workrite®, and Kodiak®, jointly announced the merger on Aug. 14. They said the transaction is expected to close early in the fourth quarter of 2017.
Assisting Barnard and Tippetts on the transaction are a Haynes and Boone team that includes Partners Jennifer Wisinski, Susan Wetzel, Mary Mendoza and Ken Bezozo; Counsel Sharon Cooper; and Associates Maria Vives Hopper and Bryan Diebels.
“Haynes and Boone is honored to work on this transaction for our longtime client Williamson-Dickie, which is such a central part of the history and culture of Fort Worth,” said Barnard, a partner in Haynes and Boone’s Fort Worth office. “We look forward to continuing to counsel Williamson-Dickie as it works to finalize this matter.”
Williamson-Dickie is the world’s leading provider of professional grade performance workwear. The company employs more than 7,000 people worldwide.
Founded in 1899, VF is one of the world’s largest apparel, footwear and accessories companies and sells such popular brands as Vans® shoes, The North Face® outerwear, Timberland® boots and Wrangler® and Lee® jeans.
The transaction has garnered widespread media attention, with Bloomberg reporting that the deal is the “latest sign of health in the $30 billion global market for workwear.” GQ said the transaction combines “two of 2017’s coolest things: Dickies pants and Vans sneakers.”
In a press release, Steve Rendle, president and chief executive officer of VF, said the acquisition of Williamson-Dickie “demonstrates our focus on being an active portfolio manager to drive transformative growth for VF and value creation for our shareholders."
Philip Williamson, chief executive officer of Williamson-Dickie, will remain with the company, according to the release. “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.”