| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 13 March 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of Icebreaker Holdings Limited, the consideration of which exceeds $100 million. |
| Consideration | $288,000,000 |
| Applicant | Lee Bell, Inc United States Public (93.46%) Various overseas persons (2.17%) Canada Public (2.0%) Switzerland Public (1.58%) United Kingdom Public (0.79%) |
| Vendor | Icebreaker Holdings Limited Moon Comm Limited, New Zealand (22.46%) PPEM Nominees Limited, New Zealand (18.98%) IBH Limited, New Zealand (18.98%) New Zealand Public (18.29%) K One W One (No 2) Limited, New Zealand (9.37%) Jeremy Ross Moon, New Zealand (6.41%) United Kingdom Public (2.7349%) United States Public (1.79%) Australian Public (0.8%) Germany Public (0.09%) Singapore Public (0.0645%) Various overseas persons (0.0246%) North American Public (0.006%) |
| Background | The shareholders of Icebreaker Holdings Limited wished to fully realise Icebreaker’s growth potential and, in order to do that, recognised the need to connect the brand with an established international entity or group for global market access, logistics, and management opportunities. Following a competitive tender process, a subsidiary of the VF Corporation (Applicant) was selected as the preferred purchaser. The Applicant is a United States-based global apparel, footwear, and accessory business that operates in and distributes to more than 170 countries. VFC’s business lines include jeanswear (such as Wrangler and Lee), occupational apparel (such as Dickies, Red Kap, and Horace Small), outdoor and action sports (such as Eastpak, the North Face, and Timberland), and sportswear (such as Nautica) The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | James Hawes Simpson Grierson Private Bag 92518 AUCKLAND 1141 |
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