Rocky Brands buys Honeywell performance and lifestyle footwear business
Nelsonville, Ohio-based Rocky Brands, Inc. has entered into an agreement to acquire the performance and lifestyle footwear business of Honeywell International, Inc. for $230 million in cash and debt.
The sale includes rubber and neoprene boot brand, The Original Muck Boot Company; commercial fishing footwear brand, Xtratuf; PVC footwear brand, Servus boots; performance overshoes brand, Neos; and cold and wet weather footwear brand, Ranger boots.
The brands join Rocky Brands' portfolio of outdoor, work, western and military footwear brands, including Rocky, Georgia Boot, Durango, Lehigh Outfitters and Slipgrips, among others.
In a press release, Rocky Brands said the purchase is being funded with an $80 million senior secured asset-backed credit facility with Bank of America, N.A., a $130 million senior secured term loan facility with The Direct Lending Group of TCW Asset Management Company LLC, and cash on hand.
“With the acquisition of The Original Muck Boot Company along with the Xtratuf, Servus, Neos and Ranger brands, we will greatly enhance our powerful portfolio of footwear brands and significantly increase our sales and profitability," said Jason Brooks, president and chief executive officer of Rocky Brands, Inc.
"We’re acquiring a well-run business with a corporate culture and a customer base similar to ours, which provides meaningful growth opportunities within our existing categories as well as an entrée into new market segments. Its innovative and authentic product collections complement our existing offering with minimal overlap, which will allow us to strengthen our wholesale relationships and serve a wider consumer audience. At the same time, we plan to leverage Rocky’s advanced fulfillment capabilities to improve distribution of the new brands to wholesale customers and accelerate direct-to-consumer penetration. I am incredibly proud of the success our organization has achieved over the past several years, and I am excited to build on our momentum as we begin this exciting new chapter for the company.”
The purchase was approved unanimously by the Rocky Brands board of directors and is expected to close in the first quarter of 2021.
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