Crocs, Inc. (NASDAQ: CROX), a provider of casual footwear, has acquired Heydude, a privately-owned casual footwear brand, for $2.5 billion.
Heydude designs comfortable and accessible footwear and accessories and makes use of its innovative and ultra-light comfort yet versatile style. Following the deal, Heydude will operate as a standalone division within the Crocs firm.
“We founded Heydude in Italy in 2008, to develop comfortable, versatile and accessible footwear,” said Alessandro Rosano, Heydude founder and CEO. “We are proud of the brand we built and are honored to become a part of Crocs, a company perfectly positioned to take HEYDUDE to the next level.”
“We expect the combined business to generate significant free cash flow, enabling us to quickly deleverage while investing to support future growth,” commented Anne Mehlman, Crocs CFO. “We are excited about the combination and are confident in our ability to deliver long-term shareholder value.”
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.