Honeywell has signed an agreement to sell its performance and lifestyle footwear business to Rocky Brands, a leading manufacturer of premium footwear and apparel, for approximately $230 million. The deal is scheduled to close by the end of the first quarter of 2021.
Under the agreement, Honeywell will divest five brands it deems non-core to its business: The Original Muck Boot Company, XTRATUF fishing boots and deck shoes, Ranger, NEOS overshoes and Servus protective rubber boots.
"These are well-respected brands beloved by professionals and outdoor enthusiasts for work and play, and we're proud of our team that has grown this business in recent years," said John Waldron, president and CEO, Honeywell Safety and Productivity Solutions. "We're excited for them to join Rocky Brands, who will continue to accelerate growth by leveraging its significant industry knowledge and expertise."
Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky®, Georgia Boot®, Durango®, Lehigh®, and the licensed brand Michelin®.
"With the acquisition of The Original Muck Boot Company along with XTRATUF, Servus, NEOS and Ranger brands, we will greatly enhance our powerful portfolio of footwear brands and significantly increase our sales and profitability," said Jason Brooks, president and CEO, Rocky Brands, Inc. "We're acquiring a well-run business with a corporate culture and a customer base similar to ours, which provides meaningful growth opportunities within our existing categories as well as entrée into new market segments. Its innovative and authentic product collections complement our existing offering with minimal overlap, which will allow us to strengthen our wholesale relationships and serve a wider consumer audience. At the same time, we plan to leverage Rocky's advanced fulfillment capabilities to accelerate these brands' direct-to-consumer penetration. I am incredibly proud of the success our organization has achieved over the past several years and I am excited to build on our momentum as we begin this exciting new chapter for the Company."