Kontoor CEO Scott Baxter says Helly Hansen focuses on the Wrangler and Lee owner's top expansion categories in outdoor and workwear.

North Carolina-based Kontoor Brands, the parent company of lifestyle apparel brands Wrangler and Lee, has entered a definitive agreement to acquire global outdoor and workwear brand Helly Hansen. The acquisition from Canadian Tire will see Kontoor Brands taking over 100% ownership of Helly Hansen for total gross proceeds of $1.

“It ticks all the boxes for us,” Baxter said, pointing to Helly Hansen’s expertise in both outdoor and workwear, the cornerstones of Kontoor’s business. “We get that in one fell swoop.”