Crocs, Inc. Enters into Definitive Agreement to Acquire Jibbitz, LLC
October 03 2006 - 7:00AM
Business Wire
Crocs, Inc. (NASDAQ: CROX) today announced that it has entered into
a definitive agreement to acquire 100% of the membership interest
of Jibbitz, LLC for $10 Million in cash, plus a potential earn-out
of up to $10 Million based on Jibbitz hitting certain earnings
targets. Headquartered in Boulder, Colorado, Jibbitz is a family
operated business that specializes in the customization of Crocs
footwear. Jibbitz now features over 300 different designs being
sold through 4000 retail accounts both in the US and Europe. In
addition to the purchase agreement, which is scheduled to close in
December, Crocs and Jibbitz have also entered into an endorsement
agreement that takes effect immediately. This agreement provides
for Crocs� public endorsement of Jibbitz on a worldwide basis. The
endorsement agreement also allows Jibbitz to access Crocs� network
of distributors and retailers as well as utilize its warehousing
and logistics infrastructure throughout the world. Ron Snyder,
President and Chief Executive Officer of Crocs, Inc., commented,
�Jibbitz has done a great job of creating a special niche in the
footwear accessories industry and we are excited to join forces
with them as we look to further expand the originality and
uniqueness of the Crocs line of products. Much like Crocs, Jibbitz
created a new market segment and was able to immediately capitalize
on their creativity in the marketplace. I commend the Jibbitz team
on their ability to develop this homegrown business into the market
leader that it is today and I look forward to their successful
integration into the Crocs family." �We are extremely excited to
extend the Jibbitz brand and community spirit through this
partnership with Crocs,� commented Sheri Schmelzer, Jibbitz
Founder. �Jibbitz specializes in unique designs that fit the
lifestyle of the Crocs consumer and allow them to personalize their
footwear regardless of age, gender or style preference. We can�t
think of a better way to leverage our success and reach more target
customers than to join the Crocs family and be a part of their
future vision.� Jibbitz will operate as a wholly owned subsidiary
of Crocs, Inc. following the closing and Founders Rich and Sheri
Schmelzer will remain with Jibbitz as President and Chief Design
Officer respectively. The transaction is subject to customary
closing conditions and regulatory approvals. About Crocs, Inc.
Crocs, Inc. is a rapidly growing designer, manufacturer and
marketer of footwear for men, women and children under the crocs
brand. All of our footwear products incorporate our proprietary
closed-cell resin material, which we believe represents a
substantial innovation in footwear comfort and functionality. Our
proprietary closed-cell resin, which we refer to as Croslite�
enables us to produce a soft and lightweight, non-marking, slip-
and odor-resistant shoe. These unique properties make Crocs
footwear ideal for casual wear, as well as for recreational uses
such as boating, hiking, fishing and gardening, and have enabled us
to successfully market our products to a broad range of consumers.
About Jibbitz � �So, that�s what the holes are for!� Jibbitz� is a
family-run business based in Boulder, Colorado. Jibbitz was born
when owner Sheri Schmelzer�s and her 3 children began to decorate
their twelve pairs of Crocs. Schmelzer realized that fun, colorful
accessories could be snapped into the holes of the shoes and be
easily interchanged to create a new look. Jibbitz also manufactures
and sells bracelets and anklets that can be customized with Jibbitz
snap-on accessories. The company also sells sticker embellishments
and charms. For more information about Jibbitz or to find a store
near you that carries Jibbitz products, visit www.jibbitz.com.
Forward Looking Statements Certain information contained in this
press release�may be deemed to constitute�forward-looking
statements�within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements involve known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements to be materially different
from any future results, performances or achievements expressed or
implied by the forward-looking statements. These risks and
uncertainties include, but are not limited to, our ability to
obtain and protect intellectual property rights and other factors
described in our annual report on Form 10-K under the heading "Risk
Factors," and our subsequent filings with the Securities and
Exchange Commission. Readers are encouraged to review that section
and all other disclosures appearing in our filings with the
Securities and Exchange Commission. Crocs, Inc. (NASDAQ: CROX)
today announced that it has entered into a definitive agreement to
acquire 100% of the membership interest of Jibbitz, LLC for $10
Million in cash, plus a potential earn-out of up to $10 Million
based on Jibbitz hitting certain earnings targets. Headquartered in
Boulder, Colorado, Jibbitz is a family operated business that
specializes in the customization of Crocs footwear. Jibbitz now
features over 300 different designs being sold through 4000 retail
accounts both in the US and Europe. In addition to the purchase
agreement, which is scheduled to close in December, Crocs and
Jibbitz have also entered into an endorsement agreement that takes
effect immediately. This agreement provides for Crocs' public
endorsement of Jibbitz on a worldwide basis. The endorsement
agreement also allows Jibbitz to access Crocs' network of
distributors and retailers as well as utilize its warehousing and
logistics infrastructure throughout the world. Ron Snyder,
President and Chief Executive Officer of Crocs, Inc., commented,
"Jibbitz has done a great job of creating a special niche in the
footwear accessories industry and we are excited to join forces
with them as we look to further expand the originality and
uniqueness of the Crocs line of products. Much like Crocs, Jibbitz
created a new market segment and was able to immediately capitalize
on their creativity in the marketplace. I commend the Jibbitz team
on their ability to develop this homegrown business into the market
leader that it is today and I look forward to their successful
integration into the Crocs family." "We are extremely excited to
extend the Jibbitz brand and community spirit through this
partnership with Crocs," commented Sheri Schmelzer, Jibbitz
Founder. "Jibbitz specializes in unique designs that fit the
lifestyle of the Crocs consumer and allow them to personalize their
footwear regardless of age, gender or style preference. We can't
think of a better way to leverage our success and reach more target
customers than to join the Crocs family and be a part of their
future vision." Jibbitz will operate as a wholly owned subsidiary
of Crocs, Inc. following the closing and Founders Rich and Sheri
Schmelzer will remain with Jibbitz as President and Chief Design
Officer respectively. The transaction is subject to customary
closing conditions and regulatory approvals. About Crocs, Inc.
Crocs, Inc. is a rapidly growing designer, manufacturer and
marketer of footwear for men, women and children under the crocs
brand. All of our footwear products incorporate our proprietary
closed-cell resin material, which we believe represents a
substantial innovation in footwear comfort and functionality. Our
proprietary closed-cell resin, which we refer to as Croslite(TM)
enables us to produce a soft and lightweight, non-marking, slip-
and odor-resistant shoe. These unique properties make Crocs
footwear ideal for casual wear, as well as for recreational uses
such as boating, hiking, fishing and gardening, and have enabled us
to successfully market our products to a broad range of consumers.
About Jibbitz - "So, that's what the holes are for!" Jibbitz(TM) is
a family-run business based in Boulder, Colorado. Jibbitz was born
when owner Sheri Schmelzer's and her 3 children began to decorate
their twelve pairs of Crocs. Schmelzer realized that fun, colorful
accessories could be snapped into the holes of the shoes and be
easily interchanged to create a new look. Jibbitz also manufactures
and sells bracelets and anklets that can be customized with Jibbitz
snap-on accessories. The company also sells sticker embellishments
and charms. For more information about Jibbitz or to find a store
near you that carries Jibbitz products, visit www.jibbitz.com.
Forward Looking Statements Certain information contained in this
press release may be deemed to constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements involve known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements to be materially different
from any future results, performances or achievements expressed or
implied by the forward-looking statements. These risks and
uncertainties include, but are not limited to, our ability to
obtain and protect intellectual property rights and other factors
described in our annual report on Form 10-K under the heading "Risk
Factors," and our subsequent filings with the Securities and
Exchange Commission. Readers are encouraged to review that section
and all other disclosures appearing in our filings with the
Securities and Exchange Commission.
Crocs (NASDAQ:CROX)
Historical Stock Chart
From Sep 2024 to Oct 2024
Crocs (NASDAQ:CROX)
Historical Stock Chart
From Oct 2023 to Oct 2024