Rocky Brands, Inc. last week announced that on March 15, 2021 it completed its previously announced acquisition of the performance and lifestyle footwear business of Honeywell International, Inc., including The Original Muck Boot Company and XTRATUF footwear brands for $230 million.
Jason Brooks, President and Chief Executive Officer of Rocky Brands, Inc., commented, “We are thrilled to have completed this transformative acquisition. The Original Muck Boot Company, XTRATUF, Servus, NEOS and Ranger brands are great additions to our existing portfolio while the total business nearly doubles the size of Rocky Brands’ annual revenues. We look forward to working closely with our newest team members to capitalize on the many opportunities we believe exist to drive strong growth, increased earnings power, and enhanced stakeholder value over the near- and long-term.”
For 2020, the acquired brand portfolio generated net revenue of approximately $205 million with EBITDA of approximately $24.5 million. The business grew in 2020 with performance accelerating throughout the year, culminating in strong top-line growth in the fourth quarter.
The purchase was 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.
About Rocky Brands, Inc.
Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky®, Georgia Boot®, Durango®, Lehigh®, and the licensed brand Michelin®.
