US footwear designer and manufacturer Crocs, Inc. has entered into a definitive agreement to acquire US comfort and supportive performance shoe and sports sandals Bite Footwear for $1.75 million in cash, plus a potential earn-out of up to $1.75 million based on Bite hitting certain earnings targets over a  three-year period.

Crocs plans to incorporate its proprietary closed cell resin material, Croslite, into Bite’s product collection, further expanding the material into new categories. In addition, Bite’s OrthoSport product line will complement and expand Crocs RX medical line.

Commenting on the proposed acquisition, Ron Snyder, president and CEO of Crocs, said, “Over the past ten years Bite has created a portfolio of exciting and innovative footwear products that we believe will be a terrific compliment to our existing business. Similar to Crocs, Bite Footwear utilises patented technology to provide consumers with comfort, support and functionality across several target markets. We are confident that between their R&D and design capabilities and our global manufacturing base and retail distribution network we can take this brand to the next level.”