Rocky Brands has completed its $230 million acquisition of the performance and lifestyle footwear operations of Honeywell International, noting that it will be immediately accretive to its own results. The business, which includes The Original Muck Boot Company and the Xtratuf, Servus, NEOS Overshoe, Rocky and Ranger brands, generated Ebitda of about $24.5 million on sales of $205 million in 2020, accelerating through the fourth quarter. For Rocky, the takeover nearly doubles its annual turnover. Rocky, which had no debt on its balance sheet, funded the takeover with an $80 million asset-back senior credit facility and a $130 million senior secured term loan. Following the acquisition, the group’s debt/Ebitda ratio will be a little higher than four times.