NEW YORK--(BUSINESS WIRE)--Trilantic North America, a leading private equity firm, today announced that it has entered into a definitive agreement to invest, in partnership with management, in OrthoLite, a global manufacturer of branded open-cell foam insoles and other footwear components supplied to over 250 footwear brands. Following the close of the transaction, Trilantic North America will hold a majority stake in OrthoLite, with the Company’s founder and CEO, Glenn Barrett, COO, John Barrett, and other key members of management retaining significant ownership interests.
“Glenn is a tremendous leader and has done an impressive job driving growth at OrthoLite over the years,” said Jamie Manges, Partner at Trilantic North America. “The quality, consistency and innovation that OrthoLite offers to its footwear customers is truly unique, and we’re excited to be partnering with Glenn and his team.”
“Our Company is experiencing a lot of momentum and we believe that Trilantic North America’s experience in branded components and the footwear industry will help accelerate our growth,” said Glenn Barrett. “We look forward to working with Jamie and the rest of the Trilantic North America team as we continue to expand OrthoLite globally.”
The transaction is expected to close in the 3rd quarter of 2017, at which time Blue Point Capital Partners will exit the investment it made in OrthoLite in 2014. “We are proud of the value created in the platform during our hold period,” said Julianne Marley, a partner at Blue Point Capital Partners. “It has been a privilege working alongside Glenn and the rest of his extremely talented management team, and we wish them continued success as they embark on their new partnership with Trilantic North America.”
William Blair & Company, L.L.C. acted as the exclusive financial advisor to OrthoLite on the transaction. Womble Carlyle Sandridge & Rice, LLP and Kirkland & Ellis LLP provided legal advice to OrthoLite and Trilantic North America, respectively.
About Trilantic North America
Trilantic Capital Management L.P. (“Trilantic North America”) is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer and energy sectors. Trilantic North America currently manages four private equity funds with aggregate capital commitments of $5.9 billion. For more information, visit www.trilantic.com.
About OrthoLite
Headquartered in Amherst, Massachusetts, OrthoLite is the world’s leading supplier of open-cell foam technology found in over 400 million pairs of athletic, casual, dress, work, and outdoor shoes annually. OrthoLite technology can be found in over 250 of the world’s leading footwear brands such as Nike, Clarks, Adidas, ASICS New Balance, Vans and Timberland. OrthoLite’s proprietary open cell foam technology combines polyurethane and recycled rubber to provide superior cushioning, comfort, performance and breathability unmatched by any other insole manufacturer. In addition to shoe insoles and linings, OrthoLite technology is used in clothing, sporting equipment, backpacks and furniture. OrthoLite is a global, vertically integrated company with sales offices in the United States, Vietnam, Asia and Europe as well as manufacturing facilities in China, Vietnam, Indonesia and Korea.
