Rocky Brands Inc. announced that it has completed the previously announced acquisition of the performance and lifestyle footwear business of Honeywell International, Inc., including the footwear brands The Original Muck Boot Company and XtraTuf for $ 230 million. Jason Brooks, President and CEO, Rocky Brands, Inc., said, “We are delighted 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 almost doubles the size of Rocky Brands’ annual revenues. We look forward to working closely with the new members of our team to capitalize on the many opportunities that we believe exist to generate strong growth, increased earning capacity and increased value for stakeholders in the short and long. term. ”

For 2020, the portfolio of acquired brands generated net sales of approximately $ 205 million with EBITDA of approximately $ 24.5 million. Business grew in 2020 with an acceleration in performance throughout the year, culminating with strong revenue growth in the fourth quarter.

The purchase was funded by an $ 80 million senior secured credit facility with Bank of America, NA, a $ 130 million senior secured term loan facility with The Direct Lending Group of TCW Asset Management Company LLC, and cash.

Rocky Brands manufactures footwear and clothing marketed under a portfolio of brands such as Rocky, Georgia Boot, Durango, Lehigh and the licensed Michelin brand.

Photo courtesy of Rocky Brands / Xtratuf