Crocs, Inc. has completed its previously announced acquisition of Hey Dude, a privately-owned casual footwear brand. The closing is effective as of February 17, 2022.
The company said in a statement that the acquisition of Hey Dude adds a second high-growth, highly profitable brand to the Crocs portfolio. The new brand is expected to be immediately accretive to the company’s revenue growth, operating margins and earnings.
The company added that Hey Dude is expected to deliver revenues of approximately 700 to 750 million dollars, including the period of time prior to the closing of the acquisition, and 620 to 670 million dollars on a reported basis with consolidated financials beginning February 17, 2022.
The acquisition was funded by 2.05 billion dollars in cash and 2,852,280 shares issued to Hey Dude's founder.