US: Crocs and Blackstone close $200m investment deal
Blackstone will take a 13% stake in Crocs
Shoe firm Crocs Inc has closed a deal that will see private equity firm Blackstone Group make a US$200m investment in the firm.
In connection with the closing of the transaction, Crocs has appointed two new board members and accepted the resignation of two current board members.
The investment, announced earlier this month, will see Blackstone take a 13% stake in the company. On the announcement of the deal, the company revealed its CEO John McCarvel will retire at the end of April.
"With the closing of the transaction and the appointment of our two new directors, we can now turn our attention to recruiting a new CEO and moving forward with refining the strategic direction of the Crocs business," said Thomas Smach, Crocs chairman of the board.
Footwear business Crocs has unveiled a strategic plan aimed at bringing long-term growth to the company after second quarter profits slumped by 34%, including more than 180 global job cuts....
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