An affiliate of private equity firm The Blackstone Group has invested $198 million in Crocs Inc. for the purchase of 200,000 shares of the company’s Series A Convertible Preferred Stock.
The closing of the transaction will be after Jan. 27, according to a regulatory filing, Form 8-K, with the Securities and Exchange Commission Monday. The Blackstone affiliate is Blackstone Capital Partners.
In the same filing, the company said that John McCarvel, president and chief executive officer of Crocs, has resigned from the company. The effective date will be the earlier of either April 30, or the board’s appointment of a successor.
In addition, McCarvel has entered into a separation agreement with the footwear firm in connection with his retirement, entitling him to receive a $1.1 million separation payment after his resignation becomes effective and another $1 million payment on the first anniversary of the effective date of his resignation.
Shares of Crocs jumped 12.9 percent to $15.05 in early morning Nasdaq trading.