Crocs Inc announced that it has entered into a definitive agreement to acquire the Bite Footwear brand for $1.75 million in cash, plus a potential earn-out of up to $1.75 million based on Bite hitting certain earnings targets over a three-year period.
Bite Footwear is a leader in comfortable and supportive performance shoe and sports sandals. Since its founding in 1996, Bite has introduced a number of revolutionary products including the first sports sandal with a removable insole, the first bio-mechanically correct footwear for fishing, and the first dedicated disc golf shoes.
The company markets and sells its footwear worldwide in five categories including Golf, Adventure, Healthy Lifestyle and Water Sports.
Ron Snyder , President and Chief Executive Officer of Crocs Inc, commented “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 utilizes 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.”
Crocs plans to incorporate its proprietary closed cell resin material, Croslite, into Bite's product collection, further expanding the benefits of the material into new categories. In addition, Bite's OrthoSport product line will complement and expand Crocs RX medical line.
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