Completing a divestiture process that began in January 2020, VF Corp. has sold the occupational workwear portion of its Work segment to a subsidiary of Redwood Capital Investments for a yet undisclosed price. The deal should be closed during VF’s present quarter, which ends on June 30. The group is retaining the Dickies and Timberland PRO brands, which are delivering a higher gross margin of more than 40 percent and are seen having potential for higher growth in the mid-to-high single digits.
The brands and businesses included in the deal are Bulwark, Horace Small, Kodiak, Terra, Walls, Work Authority, Workrite, Red Cap and VF Solutions. Most of these units belonged to the former Williamson-Dickie when VF bought that group in 2017 for $820 millon. Some of them belonged to Kodiak when that company was taken over by Williamson-Dickie in 2018.