Lowenstein Sandler represented PVH Corp. [NYSE:PVH], one of the world’s largest apparel companies, in its definitive agreement to sell its Speedo North America business to Pentland Group, parent company of Speedo International Limited, for $170 million in cash, subject to a working capital adjustment. Speedo International licenses the Speedo trademark to a PVH subsidiary for perpetual use in North America and the Caribbean.
The transaction, which is expected to close in the first quarter of PVH’s fiscal 2020 year, is subject to customary closing conditions, including regulatory approval.
The sale aligns with PVH’s goal to optimize and streamline its Heritage Brands business in the ever-evolving retail environment and focus on delivering sustainable profitable growth of its global brands, CALVIN KLEIN and TOMMY HILFIGER.
One of the most admired fashion and lifestyle companies in the world, PVH holds a brand portfolio that includes the iconic CALVIN KLEIN, TOMMY HILFIGER, Van Heusen, IZOD, ARROW, Speedo, Warner’s, Olga and Geoffrey Beene brands, as well as the digital-centric True&Co. intimates brand. The company has over 38,000 associates operating in over 40 countries and $9.7 billion in annual revenues.
The Lowenstein deal team included Marita A. Makinen, Andrew P. Erdmann, Doreen M. Edelman, Andrew E. Graw, Darren Goodman, Mary J. Hildebrand, Matt Savare, Michael Walutes, Jeffrey M. Shapiro, Jack Sidorov, Abbey E. Baker, Manali Joglekar, Justin Gindi, Sophia Mokotoff, Nicole Rae Morales, Bryan Sterba, and Vikram Paul. The PVH team included Mark Fischer, Jeffrey Hellman, and Meredith Felz (Legal), along with Dana Perlman and Lina Yoo (In-house Deal Makers).
About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.