Essity, a Swedish hygiene and health company, has agreed to acquire an 80% stake in Knix Wear, a Canada-based provider of leakproof apparel for periods and incontinence, for $320 million.

With the stake acquisition, Essity aims to become a leader in the global market within leakproof apparel.

Essity has been involved in the leakproof apparel market within feminine care with brands like Libresse, Saba, Bodyform, and TOM Organic, and with the with the TENA brand within incontinence products.

Magnus Groth — Essity President and CEO said: “I am delighted to welcome Knix to Essity. It’s a successful company with an impressive track record. Essity is now becoming the global market leader in leakproof apparel, which is an important step towards our goal of being the world’s fastest growing company in Intimate Hygiene, providing increased well-being for customers and consumers.”

Founded in 2013, Knix Wear and its teen brand, Kt by Knix, provide a range of intimate apparel with a footprint mainly in the US and Canada. The leakproof apparel provider primarily sells direct-to-consumer via online channels, which is complemented by half a dozen Knix Wear retail stores.

Joanna Griffiths, the CEO and founder of Knix Wear, will hold the remaining stake of 20% in the company and will stay on as its president.

Joanna Griffiths said: “As a pioneer in the reusable leakproof underwear category, it is a dream come true to partner with Essity.

“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.”

The deal, which is subject to regulatory approvals, is likely to close in the latter half of this year.

  Canada, Essity, Joanna Griffiths, Knix Wear, Magnus Groth, Retail acquisition news, Sweden