VF Imagewear, Inc. Acquires Majestic Athletic
Acquisition of Branded Athletic Team Apparel and Uniform Company Positions VF as Leader in Major League Baseball Licensed Apparel
VF Imagewear, Inc., a subsidiary of VF Corporation (NYSE: VFC), and Majestic Athletic, Inc. announced today that VF Imagewear, Inc. has acquired substantially all of the assets of Majestic Athletic, Inc. and its related companies. Majestic is the leading global provider of authentic sports licensed apparel and branded team uniforms for Major League Baseball and is based in Bangor, Pa.
"The acquisition of Majestic Athletic provides us a terrific opportunity to grow VF's presence in the authentic sports apparel category," said VF Corporation Chairman and CEO Mackey J. McDonald. He noted that this marks VF's second acquisition to date in 2007, the first being the purchase of Eagle Creek, Inc. in January. Together, these acquisitions should add approximately $180 million to VF's revenues in 2007.
Ed Doran, President of VF Imagewear, Inc., stated, "Majestic Athletic products are known for their authenticity and performance, and are highly desired by a base of 145 million fans around the world. Majestic Athletic complements VF Imagewear's Activewear division with its unique expertise in authentic and replica product, as well as its superior streamlined service model. This effectively opens exclusive access to new channels of retail distribution. Combined with our current fanwear business, this acquisition positions VF Imagewear as a leader in Major League Baseball licensed apparel with attractive future growth prospects."
Majestic's headquarters and manufacturing operations will remain in Bangor, and will become part of VF Imagewear's Activewear division, based in Tampa, Fla. Faust Capobianco IV, President of Majestic and the son of current Majestic Chairman Faust Capobianco III, will lead the entire baseball business as Vice President/General Manager, Major League Baseball (MLB), Domestic and International Licensed Sales, reporting to Rick Becker, Vice President Sales & Marketing, VF Imagewear, Activewear division. Nicole Capobianco will also remain and oversee all Major League Baseball outfitting activities.
Faust Capobianco IV, President of Majestic Athletic, Inc., stated, "This transaction ensures that the legacy of innovation and service upon which the Majestic(R) brand was built will continue. Majestic and VF share a culture built on service to the customer, which in this case is Major League Baseball, its players and fans. Majestic's reputation for delivering exciting products and responsive service will be enhanced through the complementary expertise and resources that VF Imagewear brings to this strategic combination."
About Majestic Athletic and Related Companies
Headquartered primarily in Bangor, Pa., Majestic Athletic designs, markets and manufactures athletic team uniforms, performance apparel, outerwear and licensed athletic wear. The company is licensed by Major League Baseball and currently holds on-field uniform rights for all 30 Major League Baseball Clubs, in addition to exclusively supplying each club with on-field MLB Authentic Collection(TM) outerwear, batting practice jerseys, t-shirts, shorts and fleece. Majestic Athletic is also licensed by the Major League Baseball Players' Association, National Basketball Association, National Hockey League and many major colleges and universities to provide a wide variety of apparel products.
About VF Imagewear, Inc.
VF Imagewear, Inc., is a subsidiary of VF Corporation, with two primary divisions: Image and Activewear. The Image apparel division provides a broad array of uniforms and protective apparel to corporate customers, government and public safety agencies, service businesses and industrial laundries. The Activewear division markets branded apparel under agreements with licensors such as the National Football League (NFL), Major League Baseball (MLB), the National Hockey League (NHL), leading Colleges under the ESPN College GameDay(TM) brands, NASCAR's leading teams and drivers and Harley-Davidson.
VF Corporation is a leader in branded apparel including jeanswear, outdoor products, image apparel and sportswear. Its principal brands include Lee(R), Wrangler(R), Riders(R), Rustler(R), Nautica(R), John Varvatos(R), JanSport(R), Eastpak(R), The North Face(R), Vans(R), Reef(R), Napapijri(R), Kipling(R), Eagle Creek(R), Lee Sport(R) and Red Kap(R).
VF Corporation's press releases, annual report and other information can be accessed through the Company's home page, www.vfc.com.
Source: VF Corporation
Released February 28, 2007