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.”

Canadian Tire is selling activewear brand Helly Hansen to Kontoor Brands — the U.S. owner of Wrangler jeans — for $1.3 billion.