Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) Ranger boots are made for cold, wet weather and offer function at a value price. NEOS is known for its overshoes with traction for extreme conditions.
Servus boots date back to the 1920s, and today the brand is known for its PVC footwear made for wet working conditions. Xtratuf, an outfitter in the commercial fishing segment, has provided Alaskan fishermen with footwear for wet conditions for nearly 60 years. The Original Muck Boot Company pioneered the rubber and neoprene boot category. The business grew in 2020 with performance accelerating through the year, culminating in strong top-line growth in the fourth quarter. For 2020, net revenue is estimated to be approximately $205 million with an EBITDA of approximately $24.5 million. The acquired brand portfolio has built strong consumer loyalty. Lifestyle and Performance Business Overview We look forward to a smooth integration and capitalizing on our collective experience, innovation and operational expertise to deliver outsized growth for years to come.”
I could not be more proud of the team and their success in building our brands over the past several years. As we look to the future, the combined entities provide our passionate associates with greater opportunities to serve our accounts and consumers who have come to love our brands. “This transaction will bring together many strong, beloved brands. “We are thrilled to be joining Rocky Brands,” said Craig Reingold, president of Honeywell’s lifestyle footwear business. 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.” At the same time, we plan to leverage Rocky’s advanced fulfillment capabilities to improve the distribution of the new brands to wholesale customers and accelerate direct-to-consumer penetration. 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. We’re acquiring a well-run business with 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. Jason Brooks, president and chief executive officer of Rocky Brands, Inc., commented, “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. including The Original Muck Boot Company and Xtratuf footwear brands, for a purchase price of $230 million. announced that it has entered into a definitive agreement to acquire the performance and lifestyle footwear business of Honeywell International, Inc.
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