Plastic clog manufacturer Crocs has entered into a definitive agreement to acquire the Bite Footwear brand for US$1.75m in cash, plus a potential earn-out of up to $1.75m based on Bite hitting certain earnings targets over a three-year period.

Crocs plans to incorporate its patented Croslite material into Bite's product collection, and said that Bite's OrthoSport product line would complement its own medical line.

Bite Footwear will operate as Bite, Inc and be a wholly owned subsidiary of Crocs following the closing, which is subject to customary closing conditions and regulatory approvals.

Ron Snyder, president and CEO of Crocs, said: "Over the past 10 years Bite has created a portfolio of exciting and innovative footwear products that we believe will be a terrific compliment to our existing business. Similar to Crocs, Bite Footwear utilises patented technology to provide consumers with comfort, support and functionality across several target markets. We are confident that between their R&D and design capabilities and our global manufacturing base and retail distribution network we can take this brand to the next level."  

Bite, which makes comfortable and supportive performance shoe and sports sandals, sells in five categories including Golf, Adventure, Healthy Lifestyle and Water Sports.

"We are excited to join the Crocs team, and see this transaction as a tremendous opportunity to join the ranks of Crocs' existing lines of unique products, its terrific management team, large distribution channels, and sourcing capabilities, " said Dale Bathum, founder of Bite Footwear. "With Crocs, we will have the resources to bring more innovative ideas to market and to continue to spread the word about the importance of good foot health and an active lifestyle, helping to further contribute to Crocs' success."