US' Crocs to acquire casual footwear brand HeyDude

Crocs expects to enter into a $2 billion Term Loan B Facility and borrow $50 million under the company's existing Senior Revolving Credit Facility to fund the cash consideration. The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions and regulatory approval, Crocs said in a media release.

Upon completion of the transaction, HeyDude will operate as a standalone division. Rosano will continue to lead innovative product development as strategic advisor and creative director.

As part of this transaction, Rick Blackshaw was hired to join HeyDude as executive vice president and brand president. Blackshaw brings over 25 years of footwear experience and most recently served as the CEO at CCM Hockey and previously held positions as the president of Sperry, president of Keds, and vice president/general manager of the Chuck Taylor division of Converse. Blackshaw will be a member of the Crocs executive leadership team and report to CEO Andrew Rees.

“We intend to leverage our global presence, best-in-class marketing and scale infrastructure to build upon HeyDude's strong foundation and create significant shareholder value,” said Andrew Rees, chief executive officer of Crocs.

HeyDude founder and chief executive officer, Alessandro Rosano said, “We are proud of the brand we built and are honoured to become a part of Crocs, a company perfectly positioned to take HeyDude to the next level."

Citi is serving as financial advisor to Crocs, with Perkins Coie LLP and Bird & Bird as legal advisors. LVC Asia Pacific Ltd is serving as financial advisor to HeyDude, with Chiomenti, Deacons, Cozen O'Connor, Sullivan & Cromwell and Croon Law Group LLC as legal advisors.

Fibre2Fashion News Desk (KD)