SureWerx™ Acquires NEOS Overshoe® Brand

Rhea-AI Summary

SureWerx has announced the acquisition of NEOS Overshoe from Rocky Brands (NASDAQ: RCKY), enhancing its portfolio in the safety footwear market. This acquisition aligns with SureWerx's strategy to expand its offerings and strengthen its position in the industrial and professional overshoe market. NEOS, known for its premium overshoes, has evolved over the years and now serves various industries, ensuring protection against harsh conditions. The deal reflects SureWerx's aggressive growth strategy in safety products, adding to its existing brands.

Positive

• Acquisition enhances SureWerx's portfolio in safety footwear.
• NEOS has a strong market presence in industrial overshoes.
• The acquisition complements SureWerx's recent growth and brand expansion.

Negative

• None.

Adds Premium Footwear Overshoe Portfolio to Growing Global Portfolio of Safety Brands

ELGIN, Ill.--(BUSINESS WIRE)-- SureWerx, a leading global manufacturer of safety, tool & equipment products, announced today that it has acquired NEOS Overshoe from Rocky Brands Inc. (NASDAQ: RCKY). Terms were not disclosed.

(Graphic: Business Wire)

Since 1993, NEOS Overshoe has been designing and manufacturing premium overshoes built to protect workers and consumers alike from the elements. With its original focus on the consumer and outdoor enthusiast markets, the brand has evolved over the past 15 years to become the leader in overshoe protection in the industrial and professional markets. Today multiple models are available to service workers across a broad spectrum of industries. These include versions featuring integrated ice cleats to minimize slips and falls during winter use, and non-spiked versions, offering 100% protection for your footwear of choice from wet, muddy, snow and icy conditions.

SureWerx CEO, Chris Baby, shared that “Adding NEOS Overshoe to our ever growing, world-class portfolio of SureWerx brands moves us another step toward our goal of becoming the global leader in Safety and Productivity. The recent acquisitions of the Due North, K1, Avenger Work Boots, Nautilus Safety Footwear and MEGAComfort brands, along with our existing Pioneer/Ranpro PU boot program will now be complemented by another power brand helping to build out our complete safety footwear offering.”

“As with the recent MEGAComfort acquisition, we see tremendous opportunities to leverage the NEOS Overshoe brand across our broad spectrum of distributors and end users alike. Offering a full range of premium overshoes enhances our one-stop shop foot protection program and further strengthens our position as a leader in that market,” stated FSI President, Aaron Atkinson. “We are thrilled to be adding this highly respected brand to our growing footwear portfolio. One year ago SureWerx was not in safety footwear at all, but today, through acquisition and aggressive growth strategies, we are becoming a serious provider of foot protection products with more to come.”

About SureWerx: Co-headquartered in Vancouver, British Columbia, and Elgin, Illinois, SureWerx is a leading global supplier of professional safety products, tools, and equipment. SureWerx markets its products in:

Canada: under the JET, Strongarm, ITC, STARTECH, Pioneer, Ranpro, PeakWorks, Sellstrom, Jackson Safety, Due North, K1, MEGAComfort, NEOS Overshoe brands.

United States: under the American Forge & Foundry, Pioneer, PeakWorks, Sellstrom, Jackson Safety, ADA Solutions, Due North, K1, Avenger Work Boots, Nautilus Safety Footwear, MEGAComfort and NEOS brands.

Europe: under the Jackson Safety, Sellstrom, Balder, Due North, and K1 brands.

SureWerx offers unparalleled access to its brands through its partner distributor network servicing the industrial, construction, safety, utilities, automotive aftermarket, healthcare, and food production markets globally.

More information can be found at www.surewerx.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20221003005048/en/

Media relations:

Rishi Sharma, SureWerx VP Mergers & Acquisitions, rsharma@surewerx.com

Source: SureWerx

FAQ

What is the significance of SureWerx acquiring NEOS Overshoe?

The acquisition allows SureWerx to expand its safety footwear offerings and strengthen its market position.

What does the acquisition add to Rocky Brands (RCKY)?

While it may streamline operations, the focus on this sale may also indicate a strategic shift away from the overshoe market for Rocky Brands.

How does NEOS Overshoe fit into SureWerx's strategy?

NEOS Overshoe complements SureWerx's existing brands, enhancing their product lineup and market reach in safety equipment.

When did SureWerx acquire NEOS Overshoe?

The acquisition was announced recently, but specific terms and dates were not disclosed.

What are the expected impacts of this acquisition on SureWerx's business?

It's anticipated to improve product offerings and drive growth in the safety footwear segment.