Crocs, Inc. is quickly becoming a holding company for sporting goods and footwear brands as it has entered into the surf and skate markets with its most recent acquisition of Ocean Minded, LLC.
The acquisition price was $1.75 million in cash, plus a potential earn-out of up to $3.75 million based on certain earnings targets over a three year period. Crocs looks to expand the Ocean Minded brand internationally by giving the brand access to its current distribution network.
Ocean Minded makes leather and EVA sandals primarily for the beach, adventure and action sports markets. The company utilizes recycled and recyclable materials whenever possible. Its core market is the action sports industry as a leading advocate for environmental awareness and responsibility.
Ocean Minded will operate as a wholly owned subsidiary of Crocs, Inc. following closing and Founder Robert Allison is expected to remain with the company. The transaction is subject to customary closing conditions and regulatory approvals.