Renfro Brands, the sock manufacturer, announced new ownership with the private holding company, The Renco Group, Inc. Renfro’s brand portfolio includes Fruit of the Loom, Dr. Scholl’s, Merrell, Copper Defense, Smartwool, Hot Sox, and K. Bell.
Through The Renco Group’s decentralized business model, Renfro’s leadership will partner with The Renco Group to solidify its position within the market while developing a long-term strategy for growth. With more than $5 billion in portfolio company revenues and 15,000 portfolio employees worldwide, Renco’s current investments are in mining, mineral recovery, metals production, fabrication, defense, and automotive supply industries.
“We actively pursued Renfro Brands as they are the clear leader within their category and are poised for continued growth,” said Ari Rennert, president, The Renco Group. “With a unique combination of best-in-class owned and licensed brands, longstanding relationships with leading retailers, unparalleled development and supply chain capabilities and a top-tier management team, Renfro Brands aligns with our values and represents the right opportunity to expand our portfolio.”
The Renco Group said it is committed to making long-term investments in Renfro, building value over time by retaining earnings and reinvesting in the business. Renfro’s existing management team, including that of the newly launched direct-to-consumer marketplace Loops & Wales, will partner with The Renco Group on new areas of investment. Under the new ownership, the investment will focus on consumer connectivity, operational agility and brand management.
“As Renfro Brands enters its monumental hundredth year in business, we are thrilled by the opportunity to not only further invest in talent, performance marketing and technology but to also elevate our supply chain resilience through The Renco Group’s manufacturing experience,” said Stan Jewell, CEO, Renfro Brands. “We are brand stewards and this acquisition strengthens our commitment to position brand management as one of our core competencies to create and drive more value internally and externally.”
Photo courtesy Merrell