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CROCS ACQUISISTION REPORT] an Analysis of a Potential Sale of CROCS Inc., (Nasdaqnm: CROX)

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CROCS ACQUISISTION REPORT] an Analysis of a Potential Sale of CROCS Inc., (Nasdaqnm: CROX) 2007 Analyst Recruiting Assignment Robert Ried [CROCS ACQUISISTION REPORT] An analysis of a potential sale of CROCS Inc., (NasdaqNM: CROX). This analysis begins with a general overview of CROCS Inc., details company growth, discusses both external market and internal effects on the company, and concludes with the suggestions for the sale of the company. [CROCS ACQUISISTION REPORT] October 29, 2007 General Overview Crocs Inc. is a designer, manufacturer and marketer of footwear, apparel and accessories for men, women, and children. Crocs, Inc. corporate headquarters is located in Niwot, CO. The company owns many retail locations in domestic and foreign territories. The conglomerate, originally founded in 2002, has grown in a dramatic fashion through acquisition and internal development. Crocs Inc. was created to market a lightweight plastic shoe first developed and manufactured by Foam Creations Inc. That shoe, created from a closed-cell resin material, which the company refers to as croslite, is the primary material used in all of its footwear and non- branded products. Originally intended as a boating/outdoor shoe because of its slip-resistant, non-marking sole, Crocs introduced its first model, the Crocs Beach, in November 2002. Despite only a small marketing campaign, Crocs became popular in the United States and elsewhere because of the praise for their unique designs, comfort, bright colors, and light weight. In the United States, the Company sells its products in over 11,000 domestic retail store locations representing over 4,500 customer accounts. No individual customer accounted for more than 10% of its revenues for the year ended December 31, 2006. Outside the United States, Crocs sells its products through over 1,800 international retail store locations. The Company also offers its products domestically and internationally through its Website, www.crocs.com. Once considered a passing fad, the product line has remained popular. The company is currently in the growth stage of the product life cycle. Costs have been reduced because of economies of scale, sales volume is increasing significantly, and the shoes are beginning to receive ardent support from the public. Management Team Name Officer Since Current Position Sharp, Richard L. 2005 Chairman of the Board Snyder, Ronald R. 2004 President, CEO, Director Case, Peter S. 2006 CFO, SVP – Finance, Treasurer McCarvel, John P. 2005 COO, EVP *See Appendix A for Management Profiles Ownership Structure The large institutional investors in Crocs include Shares Outstanding 82.00 Mil OppenheimerFunds, Inc. (4.5%), Barclay’s Global Investors Institutional Ownership (%) 81.09% (2.9%), and Clamos Advisors (2.8%) Top 10 Institutions (%) 25.50% Mutual Fund Ownership (%) 4.04% Mutual fund ownership includes Oppenheimer Global 5%/Insider Ownership 17.19% Opportunities Fund (3.7%), Fidelity Blue Chip Growth Fund Float (%) 91.71% (1.3%), and Calamos Growth Fund (.9%) Number of Institutions holding shares 227 +5% ownership Holder Name Shares Held $ Mkt Value % Out Fully Diluted Shrs Mazama Capital Mgmt, Inc. 4,614,575 $ 273,736,576 5.6 4,614,575 Boedecker (George B Jr) 4,468,458 $ 124,848,720 5.4 2,234,229 Company Growth Products & Future Prospects Crocs Future Prospects Within the past 18 months Crocs has made the move from a company with a patent and a single line of shoes, to a multinational corporation with numerous revenue streams. Crocs has initiated a number of transactions which should help to solidify their current products lines and introduce new revenue streams to their business. Analyst Recruiting Assignment | General Overview 1 [CROCS ACQUISISTION REPORT] October 29, 2007 Strengthening the Brand (Current Products, New Product Uses, and Patents) Crocs original croslite footwear designed to be used as boating/outdoor shoe because of its slip-resistant, non- marking sole. Now available in a wide range of colors and styles. In June 2004, Crocs purchased Foam Creations Inc. and their manufacturing operations to secure exclusive rights to the proprietary foam resin "croslite", which is made using ethylene vinyl acetate. Crocs holds four patents covering various utility aspects of its footwear, U.S. Patent No. 6993858 B2 issued February 7, 2006, and U.S. Patent Nos. D517788, D517789 and D517790 issued on March 28, 2006. The Company also announced that it has filed complaints with the U.S. International Trade Commission (ITC) and the U.S. Federal District Court against 11 companies that manufacture, import or distribute products that Crocs believes infringe its patents. Footwear designed specifically for the medical industry. The croslite foam forms itself to a wearer’s feet, helping them to work for hours with ease. Footwear designed for anyone on needed a comfortable, no slip shoe. The croslite foam gives superior comfort, a no slip sole, and allow for easy clean up. To tackle the collegiate (Males and Females, ages 18 – 24) demographic and the sports fan demographics (Males Ages 18 – 35), Crocs recently released a line of logoed sportswear. Crocs has contracted with the NCAA, NFL, NBA, MLB, NHL and the PGA to create a comprehensive line of Sports Wear shoes. *See Appendix B for product pictures. Crocs Acquisitions and Subsidiaries (New Products and New Revenue Streams) Jibbitz was the first acquisition which helped Crocs to diversify their offerings. Jibbitz sells wristbands, charms, and Crocs embellishments. Croc’s recent purchase with roots in the sandal and alternative golf footwear. Bite has begun to expand into new product lines, footwear for running and fishing. This acquisition represented the emergence of Crocs into the sports market. This Crocs acquisition helped to propel the brand into the lightweight ocean sandal market. After great success with Crocs footwear, the designers at Crocs decided to combine the comfort of Crocs with fashion forward designs. In June 2007 Crocs created YOU by Crocs, dedicated to looking fashionable while providing top notch comfort. Fury, Inc. is a wholly-owned subsidiary of Crocs, Inc. Founded in 2002, Fury delivers top-of-the-line sporting equipment, apparel, and accessories featuring croslite. *See Appendix B for product pictures. Market Analysis Industry Description Crocs is currently a darling of Wall Street. While the consumer goods sector has had a tough year, the sector itself is still reporting strong return on equity and one of the strongest price to book values. The apparel, footwear and accessories industry is a jewel of the consumer goods sector. Throughout the past three years, specialty lines of clothing, footwear and accessories have had impressive IPOs and continued growth. Financial Market Conditions The purchasing entity should take into account a number of financial market conditions and their impacts on the proposed transition. Analyst Recruiting Assignment | Market Analysis 2 [CROCS ACQUISISTION REPORT] October 29, 2007 Conditions Impacts Falling Interest The Fed has recently lowered interest rates. This move helped introduce new liquidity into the market. The Rates market stabilization and new liquidity should make conditions more favorable to find qualified buyers to purchase a growth company like Crocs. Leveraged During the past year and a half, private equity firms have made some well publicized purchases. The groups that Buyouts by have seen most of the greatest M&A spending include business services, industrials and consumer products. Private Equity Firms / Many large private equity groups (KKR, The Carlyle Group, Bain Capital, Texas Pacific Group, The Blackstone Strong Merger Group and Madison Dearborn Partners) have shown that with current liquidity levels and low interest rates, the & Acquisition merger and acquisition boom is going to continue. Activity A growing company like Crocs could be a worthwhile purchase for these Private Equity firms. The ability to purchase a public company and take them private eliminates both the personnel strain, and monetary burden of Sarbanes Oxley and it would allow the firm to make decisions without any say from public ownership. Strong The market contracted this summer. However with the Fed cutting interest rates, the purchase price multiples Purchase Price continue to strengthen as the cost of capital falls. Multiples Across the market, price multiples from P/E to EBITDA (Earnings before interest, taxes, depreciation and amortization) have been higher than in years past. The high multiples have allowed many owners to get top dollar on their sales side transactions. This should help Crocs to find many potential buyers willing to pay top dollar for the firm. Lower The low consumer spending and consumer confidence is currently a worry for any company within the apparel, Consumer footwear and accessories industry. This industry really has until the fourth quarter to determine how big of a Spending year 2007 will have been. While the 2007 estimates have consumer spending higher than 2006, they expect the rate at which the spending is increasing to be lower than in the past. This could be a bad trend for Crocs as some potential buyers may be hesitant about getting into the market. Contracting 2007 has been a year market by the crash of the sub-prime lending sector. This crash has affected the market Sub-Prime as a whole and slowed down virtual all forward looking activity. While the Fed has stepped in to calm the Lending Market market, many investors are weary of potential liquidity issues. This may mean that Crocs should look for a potential buyer who could finance the transaction without taking on too much debt. Successfully Pursuing an Acquisition How to Position the Company Most Effectively in a Sale Crocs is making a strong impression within their industry. To date, Crocs has the strongest long term growth rate, quarterly earnings growth, quarterly revenue growth, return on equity, and market capitalization within their industry. The buyer should be in a position to capitalize on Crocs strong growth and brand recognition. Depending on the buyer, both a horizontal and vertical integration could produce synergy.
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