Hygiene company Essity has announced that it has acquired an 80 percent stake in leak proof apparel brand Knix Wear Inc., with a purchase price amounting to 320 million dollars.
Through the acquisition of the Canadian label, which is still subject to regulatory approvals and expects to finalise in the second half of 2022, Essity hopes to become a global market leader within leak proof apparel, with it already boasting the likes of similar brands Libresse, Bodyform and TOM Organic in its portfolio.
Joanna Griffiths, who founded Knix in 2013 and is now CEO, will hold the remaining 20 percent share and will stay on as president.
Knix, which Essity said has a total enterprise value of 400 million dollars, already has a strong presence in the US and Canada, selling mainly via direct-to-consumer online channels and six own brand retail stores.
“As a pioneer in the reusable leak proof underwear category, it is a dream come true to partner with Essity,” said Griffiths, in a release. “We both share the same goals of improving our customers’ lives and having a positive impact in the communities in which we serve. I am thrilled to begin this next chapter together and continue to build upon Knix’s terrific growth and momentum.”