Rocky Brands, Inc. Announces Sale of Servus Brand

Rhea-AI Summary

Rocky Brands, Inc. (NASDAQ: RCKY) has announced the sale of its Servus brand to PQ Footwear, LLC, a subsidiary of Industrias PetroQuim, SA. This transaction closed on March 30, 2023, with the proceeds utilized to reduce debt. Rocky Brands had acquired Servus in March 2021 from Honeywell, focusing on safety-certified PVC and neoprene footwear. The terms of the sale were not disclosed. Rocky Brands is known for its premium quality footwear and apparel, featuring brands such as Rocky®, Georgia Boot®, and Durango®.

Positive

• Proceeds from the Servus sale were used to pay down debt.

Negative

• Terms of the transaction were not disclosed, leaving uncertainty about the financial impact.

NELSONVILLE, Ohio--(BUSINESS WIRE)-- Rocky Brands, Inc. (NASDAQ: RCKY) announced today that it has sold its Servus brand to PQ Footwear, LLC, a subsidiary of Industrias PetroQuim, SA, which has been globally providing high quality footwear and components for over 67 years. The transaction closed on March 30, 2023. The proceeds from the transaction were used to pay down debt. Terms of the transaction were not disclosed.

Rocky Brands acquired Servus in March 2021 when it purchased the performance and lifestyle footwear business from Honeywell. Servus offers a wide range of quality PVC and neoprene footwear with a focus on safety certified work boots.

About Rocky Brands, Inc.

Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names. Brands in the portfolio include Rocky®, Georgia Boot®, Durango®, Lehigh®, The Original Muck Boot Company®, XTRATUF® and Ranger®. More information can be found at RockyBrands.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005342/en/

Company:

Tom Robertson

Chief Operating Officer

(740) 753-9100

Investor Relations:

Brendon Frey

ICR, Inc.

(203) 682-8200

Source: Rocky Brands, Inc.

FAQ

What was announced by Rocky Brands on March 30, 2023?

Rocky Brands announced the sale of its Servus brand to PQ Footwear, LLC.

What happened to the proceeds from the sale of the Servus brand?

The proceeds were used to pay down debt.

When did Rocky Brands acquire the Servus brand?

Rocky Brands acquired Servus in March 2021.

Who bought the Servus brand from Rocky Brands?

PQ Footwear, LLC, a subsidiary of Industrias PetroQuim, SA, purchased the Servus brand.

What type of footwear does the Servus brand offer?

Servus offers PVC and neoprene footwear with a focus on safety certified work boots.