Launched in 2009, Altra rose fast as a cult brand for trail runners. This week, it was announced the company will join VF Corpoaration’s portfolio alongside The North Face, Eagle Creek, SmartWool, Vans, and other active brands.
Greensboro, North Carolina-based VF Corp. boosted its clout inside the running world today with the announcement that it will acquire Utah’s Altra Footwear.
According to a press release, VF expects to complete the acquisition of Altra from parent ICON Health & Fitness by the end of April.
The brands announced “definitive purchase agreements,” but the details of the deal were not immediately made public. Altra founders could not comment at this stage.
VF Corporation Acquires Altra Running
“The acquisition of the Altra brand is another example of our efforts to reshape and evolve our portfolio of powerful brands to align with our enterprise value creation model,” said VF President and CEO Steve Rendle. “The addition of the Altra brand brings to VF a unique and differentiated technical footwear brand.”
Since its initial founding in 2009 and subsequent purchase by ICON Health & Fitness in 2011, Altra has become increasingly popular among road- and trail-running enthusiasts.
Its trademark wider, foot-shaped toe box and zero-drop design have won acclaim among runners – including GearJunkie editors – as much-needed design innovations.
Meanwhile, VF adds to its already large cache of 23 outdoor and lifestyle brands. In addition to those mentioned above, VF also owns Lee and Wrangler jeans, Timberland, Dickies, Eastpak, JanSport, and others.
While VF did not disclose financial details of the agreement, it did report that over the last 12 months Altra generated approximately $50 million in revenue.
And because the deal is not finalized, Altra founders Golden Harper, Brian Beckstead, and Jeremy Howlett cannot comment on the move. We will follow up with Altra and VF about the future of the footwear brand once the acquisition is complete.