Crocs, Inc.

Crocs is a global footwear brand with a loyal following, recognized for its distinctive, comfortable designs. The company operates both its core Crocs brand and HEYDUDE, each with unique growth profiles and margin characteristics. Recent performance highlights strong demand, disciplined inventory management, and significant opportunities for margin expansion. The proposed transaction focuses on separating HEYDUDE from Crocs to unlock the full value of the core brand. This simplification allows management to concentrate on high-margin growth initiatives, operational efficiency, and global brand expansion. The deal combines debt and equity financing to support strategic growth while maintaining a strong balance sheet, positioning Crocs for both immediate value creation and long-term upside.