25 Mar. 2005

VF CORP NETS REEF BRAND

Action sports brand Reef link:(www.reef.com) has been swallowed up by a big corporate fish.

Apparel giant VF Corporation link:(www.vfc.com) announced Monday that it has signed a definitive agreement to acquire all the outstanding stock of Reef Holdings from an investor group led by majority shareholder Swander Pace Capital. The terms of the agreement were not disclosed.

Reef, based in San Diego, California, is a global leader in surf-inspired footwear and apparel. The 21-year-old company had sales of $75 million (excluding royalties) in 2004 is best known for its sporty beach sandals.

VF will include Reef as part of its growing Outdoor coalition, which includes such brands as The North Face, Napapijri and Vans. VF acquired Vans just last year.

Reef will remain headquartered in San Diego after the acquisition is finalized.

VF Corp is based in Greensboro, North Carolina. Its Outdoor coalition’s sales exceeded the $1 billion mark in 2004, and have grown nearly sevenfold over the past five years. Eric Wiseman, the vice president and chairman of VF's Outdoor and Sportswear Coalitions, heads the division.

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