In 2014, Blackstone acquired 6.9 million shares from the footwear company after an investment of 200 million dollars (176.2 million euros).
Blackstone, one step closer to exit from Crocs. The footwear company has purchased back half of the shares that the fund had acquired from the company for a price of 183.7 million dollars (161.8 million euros), which implies an amount of 26.64 dollars (23.47 euros) per share.
The fund took a stake from the footwear company in 2014, after an investment worth 200 million dollars (176.2 million euros) in exchange for a package of preferred shares. Now, Crocs has purchased back half of those interests.
After this M&A, Blackstone will turn its 6.9 million preferred shares into common shares and has committed not to transfer or sell these interests in a period of nine months. Crocs has pointed out Blackstone’s strategic help as well as the signing of new executives.
Crocs has improved its expectations for 2018 and predicts to grow between 4% and 5%
Ever since Blackstone’s investment on Crocs, the company has inforced a restructuration plan with which it has closed down several stores. It has also entailed the closure of its factories located in Mexico and in Italy.
Ultimately, Crocs has improved its expectations for 2018. The company estimates to revenue an amount of between 195 million dollars (171.8 million euros) and 205 million dollars (180.6 million euros), which would mean an annual growth of between 4% and 5% compared to the same period last year.