The British group Coats has acquired the American company OrthoLite for $770 million. Coats, based in London, is thus strengthening its business as a supplier of footwear components. Bringing on board one of the world leaders in premium insoles. Following the acquisition, Coats has decided to reorganize its internal structure.
Details
The British multinational has completed the acquisition of OrthoLite Holdings, a leader in the premium insoles sector. The deal, announced last July, strengthens Coats’ footwear division through expansion into the rapidly growing premium insoles segment. Ortholite, founded in 1997 by Glenn Barrett and based in Amherst, Massachusetts, is the world leader in open-cell foam insoles, with a 36% market share. The company supplies over 500 million pairs of insoles annually to more than 500 customers. It has over 310 co-branding agreements and a strategic global presence with 14 manufacturing facilities.
Internal reorganization
“I am confident that this move will bring even more value and opportunities to our customers and employees, while continuing to ensure the excellent partnership and collaboration that we have been proud of for years,” said Glenn Barrett, founder and CEO of OrthoLite, in the press release. He will continue to lead the company. Both companies have a similar customer base, complementary global presence, and commitment to innovation and sustainability practices. “OrthoLite is one of the world’s most innovative manufacturers in the footwear materials industry,” said David Paja, CEO of the Coats Group. He also announced an internal reorganization. Coats will move from a three-division organizational structure (apparel, footwear, and high-performance materials) to a two-division structure focused on apparel and footwear. The first will be led by Adrian Elliott, commercial director, and the second by Pasquale Abruzzese, chief operating officer.
Photo from OrthoLite
