The performance footwear brand will exist alongside brands like Vans and Lee.

NORTH AMERICA–The VF Corporation has signed a definitive purchase agreement with Icon Health & Fitness to acquire its Altra footwear brand.

The financial terms of the agreement were not disclosed; however, the addition of the Altra brand to VF’s portfolio is expected to be immediately accretive to earnings per share.

Icon Health and Fitness debuted the Altra brand in 2011 as a technology-focused road, trail and lifestyle footwear brand. It is now sold in over 55 countries through a variety of distribution channels. The brand will now join the VF Corporation portfolio, which includes brands such as Vans, The North Face, Timberland, Wrangler and Lee.

"The Altra brand’s truly innovative product and devoted brand loyalists will serve it well in its new home at VF,” says Scott Watterson, chairman and chief executive officer, Icon. “The sale of Altra will accelerate the continuing growth of our NordicTrack and ProForm core brands, our Freemotion commercial business, and iFit, our connected fitness subscription. The global health and wellness industry is exploding, and we're doubling down on that growth."

The transaction is expected to be completed in April.