Crocs shares are up more than 13% pre-market.

This comes after the troubled footwear maker announced private equity giant Blackstone had plunked down $200 million to take a 13% stake in the company.

The investment will allow Crocs to finance a $350 million stock repurchase program that will reduce tradeable shares by 30%.

"We expect these initiatives to reduce volatility in both our common stock price and our shareholder base and provide a strong foundation to unlock long-term value for our shareholders," said Crocs chief financial officer Jeff Lasher.

Shares closed at $13.33 Friday.

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