The popular Crocs family of funky, brightly colored shoes grew Monday with the acquisition of Bite Footwear for $1.75 million in cash with potential for another $1.75 million if the company reaches certain earnings targets in the next three years.
Niwot-based Crocs Inc. counts Bite Footwear as its fifth and latest purchase in an aggressive expansion that comes just a year after analysts pegged the company as a one-hit wonder, saying it was too dependent on a single product.
“Over the past 10 years Bite has created a portfolio of exciting and innovative footwear products that we believe will be a terrific complement to our existing business,” said Ron Snyder, president and chief executive of Crocs, in a statement.
In the past year Crocs bought Jibbitz, a Boulder-based accessories company; Fury Inc., a hockey and lacrosse gear company; EXO Italia, an Italian shoe designer; and Ocean Minded, which specializes in men’s footwear and beachwear.
“It’s an opportunity for us to diversify,” said Tia Mattson, spokeswoman for Crocs. “We are looking for like-minded companies that have similar brand synergies and possibilities.”
Bite Footwear, founded in 1996 and based in Redmond, Wash., makes performance shoes and sports sandals. It is known for introducing the first bio-mechanically correct fishing shoe, but Crocs wanted it for its standing in the world of golf footwear.
“They have an niche market in the golf marketplace and it’s a market we’ve been interested in,” said Mattson. “They are definitely a lifestyle brand and they complement us well.”
Crocs and Bite will merge technologies including Crocs’ Croslite, a proprietary closed cell resin material, and Bite’s OrthSport line will be used to expand Crocs RX medical line.
Staff writer Elizabeth Aguilera can be reached at 303-954-1372 or eaguilera@denverpost.com.
