US-based footwear designer and manufacturer Crocs, Inc. has entered into a definitive agreement to acquire 100% of the membership interest of Ocean Minded, LLC for $1.75 million in cash, plus a potential earn-out of up to $3.75 million based on Ocean Minded hitting certain earnings targets over a three-year period.

Founded in 1996, Ocean Minded designs and manufactures leather and EVA based sandals primarily for the beach, adventure and action sports markets, using recycled and recyclable materials whenever possible.

Commenting on the agreement, president and CEO of Crocs, Ron Snyder, said, “We are excited about this transaction as it provides us with a new platform for growth and immediate entrée into the fast growing surf and skate footwear category.”