Honeywell to sell its performance and lifestyle footwear brand

Rocky Brands, a designer, manufacturer and marketer of footwear and apparel, has announced it is to acquire the performance and lifestyle footwear business of Honeywell International for 230 million dollars.

The acquired portfolio comprises brands Muck Boot, Xtratuf, Servus, NEOS and Ranger. For 2020, net revenue for the business is estimated to be approximately 205 million dollars with EBITDA of approximately 24.5 million dollars.

Rocky Brands president and CEO Jason Brooks said the acquisition will allow the company to strengthen its wholesale relationships and serve a wider consumer audience.

He added that Rocky’s fulfillment capabilities will improve distribution of the new brands to wholesale customers and accelerate direct-to-consumer penetration.

“With the acquisition of The Original Muck Boot Company along with the Xtratuf, Servus, NEOS and Ranger brands, we will greatly enhance our powerful portfolio of footwear brands and significantly increase our sales and profitability,” Brooks said in a statement.

“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 an entrée into new market segments.”

Honeywell said it will continue to manufacture industrial safety footwear for workers under brands such as Oliver, MTS, Honeywell Bacou and others.

Photo credit: The Original Muck Boot, Facebook