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March 16, 2021

Rocky Brands completes Honeywell business acquisition

US apparel and footwear company Rocky Brands has completed its acquisition of the performance and lifestyle footwear business of Honeywell International, including The Original Muck Boot Company and Xtratuf footwear brands for US$230m.

US apparel and footwear company Rocky Brands has completed its acquisition of the performance and lifestyle footwear business of Honeywell International, including The Original Muck Boot Company and Xtratuf footwear brands for US$230m.

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For 2020, the acquired brand portfolio generated net revenue of approximately US$205m with EBITDA of approximately $24.5m. The business grew in 2020 with performance accelerating throughout the year, culminating in strong top-line growth in the fourth quarter.

“We are thrilled to have completed this transformative acquisition,” says Jason Brooks, president and CEO of Rocky Brands. “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.”

The purchase was funded with an $80m senior secured asset-backed credit facility with Bank of America, a $130m senior secured term loan facility with The Direct Lending Group of TCW Asset Management Company, and cash on hand.

The acquisition will add to Rocky Brands’ performance footwear lineup – which already includes Rocky, Georgia Boot and Durango – and is expected to be immediately accretive to gross margins and earnings per share.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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