VF Corporation - Case Study

Transaction Overview

Greenhill advised VF Corporation, a leading global branded apparel and footwear company, on its $2.3 billion acquisition of The Timberland Company, a growing outdoor footwear and apparel company. The acquisition strengthens VF’s position within the outdoor and action sports industry by adding two strong, global and authentic brands (Timberland and Smartwool) with significant momentum and growth opportunities to VF’s existing portfolio of brands and products.  The market reacted favorably to the transaction as VF’s shares rose 10% on the first day of trading post-announcement, representing a market cap gain for VF of ~$1bn, or approximately half of the acquisition consideration. 

Greenhill Role

Greenhill acted as sole financial advisor to VF and additionally provided a fairness opinion on the valuation of the offer.  Greenhill worked with the VF team on the due diligence process and was intimately involved in negotiations to improve both the economic and structural terms of the transaction.