PVH Corp, one of the world’s largest apparel companies, has completed the sale of its Speedo North America business to Pentland Group, parent company of the Speedo brand, for $170 million cash, subject to a working capital adjustment. The proceeds from the transaction will further bolster PVH’s core balance sheet strength and add to its liquidity position that stands now at over $1.3 billion in cash and available borrowings.
Pentland Group, which also owns the Berghaus, Canterbury, Ellesse and SeaVees brands, acquired Speedo in 1991 and directly and through partnership with licensees like PVH has since developed it into the world’s leading performance swimwear brand. Pentland will now operate the Speedo businesses worldwide.
The completion of the Speedo North America acquisition, during these uncertain times, demonstrates the company’s long-term commitment to the business and its passion for building a truly global brand. This acquisition will allow it to offer our customers a stronger global brand proposition when demand resumes.
