PQ Footwear, LLC and Pertoquim S.R.L. acquired Servus Brand and related assets of Rocky Brands, Inc. for $19 million.
April 02, 2023
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PQ Footwear, LLC and Pertoquim S.R.L. entered into a purchase agreement to acquire Servus Brand and related assets of Rocky Brands, Inc. (NasdaqGS:RCKY) on March 30, 2023.
PQ Footwear, LLC and Pertoquim S.R.L. completed the acquisition of Servus Brand and related assets of Rocky Brands, Inc. (NasdaqGS:RCKY) for $19 million on March 30, 2023. The acquisition also includes the non-financial assets, along with assets held at Rock Island manufacturing facility. $17.3 million was received at closing. The remaining $1.7 million will be paid out in accordance with the purchase agreement.
Rocky Brands, Inc. is a designer, manufacturer and marketer of footwear and apparel. It markets its products under a portfolio of brand names, including Rocky, Georgia Boot, Durango, Lehigh, The Original Muck Boot Company, XTRATUF, Ranger and the licensed brand Michelin. It operates through three segments: Wholesale, Retail and Contract Manufacturing. Its Wholesale segment distributes products through a range of distribution channels representing over 10,000 retail store locations in the United States, Canada, United Kingdom, and others. Retail segment markets directly to consumers through its Lehigh business-to-business, including direct sales and through its CustomFit Websites, consumer e-commerce Websites, third-party marketplaces, and Rocky outlet stores. Its Contract Manufacturing segment includes sales to the United States Military, private label sales and any sales to customers in which it is contracted to manufacture or source a specific footwear product for a customer.
ROCKY BRANDS, INC. 
