Global hygiene and health company Essity has acquired 80 per cent of Canadian apparel manufacturer Knix Wear Inc. for US$320 million. Toronto-based Knix designs and produces a variety of leakproof apparel for periods and incontinence.

In a release, Essity says it anticipates the demand for such clothing to have an expected annual growth rate of more than 20 per cent over the next five years. The company is already active in the leakproof apparel market within feminine care with brands such as Libresse, Bodyform, Saba, and TOM Organic, and within Incontinence Products with the TENA brand.  It has been active in increasing its stake in the market, acquiring Australian manufacturer Modibodi in a US$92 million deal earlier this month.

“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,” said Magnus Groth, Essity president and CEO.

Knix was founded in 2013 by CEO Joanna Griffiths with the mission to redefine intimates. Knix and their teen brand, Kt by Knix, offer a broad assortment of intimate apparel with leading positions in the growing leakproof apparel category. The company., which has approximately 200 employees and headquarters in Toronto, has a strong presence in U.S. and Canada and sells mainly direct-to-consumer through online channels, supplemented by six Knix retail stores. Griffiths will hold the remaining 20 per cent share post-acquisition and will stay on as President of Knix

The transaction is subject to customary regulatory approvals and is expected to be finalized in the second half of 2022.