CHARLOTTE (April 17, 2014) – Blue Point Capital Partners announced today the recapitalization of OrthoLite, a leading supplier of comfort insoles and related shoe components to more than 130 of the world’s leading branded footwear companies. Founded in 1997, the Company is highly regarded by its customers as a component partner and premium brand. OrthoLite is the preeminent designer of performance insoles for shoe brand owners globally.
“OrthoLite fits extremely well with Blue Point’s investment strategy, and we see several attractive opportunities to assist management in adding value,” said Juli Marley, a partner with Blue Point. “Given the importance of Asia to OrthoLite’s business, we are particularly well suited to partner with management. We feel fortunate to have invested with a talented team and look forward to working together as we invest in and support the Company’s growth efforts.”
Headquartered in Amherst, MA, with manufacturing operations in Asia, OrthoLite (www.ortholite.com) is a supplier of open-cell foam insole technology found in more than 140 million pairs of athletic, casual, dress, work and outdoor shoes each year. Unique in the industry, almost half of the customers, including some of the most globally recognized brands, co-brand with the OrthoLite name on their products, packaging or retail displays.
“We have great respect for the OrthoLite brand and the business that management and its employees have built. The Company’s success is a testament to the strength of their team, high-quality standards and continuous innovations,” said Jeff Robich, a senior associate with Blue Point.
The successful closing of OrthoLite marks the first platform investment for Blue Point III, the firm’s third middle-market buyout fund. Blue Point III maintains the same strategic initiatives and focus as its predecessor funds, and the firm continues to identify opportunities, such as OrthoLite, where applying operational resources, financial capital and transactional experience will positively impact a company’s growth.
Glenn Barrett, chairman and chief executive officer of OrthoLite, said, “Our mission is to provide high-quality, comfortable products to our customers. The industry resources, strategic approach and unique Asian capabilities that Blue Point brings to our partnership will provide a clear advantage in our efforts to diversify the Company’s product offerings and expand into new markets. They are the perfect partner for us.”
Pamela Gelsomini, president of OrthoLite, added, “With the support of Blue Point, we will continue to provide our customers with high-performance insoles that are cooler, drier and retain their cushioning longer than any other competing products.”
Blue Point Capital Partners is a private equity firm managing over $800 million in committed capital. Leveraging fully staffed offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. Blue Point has a 24-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm’s experience with cross-border management and value drivers provides a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.
OrthoLite, headquartered in Amherst, Mass., is the world’s leading supplier of open cell foam insoles found in more than 140 million shoes each year, including ASICS, Carhartt, New Balance, Merrell, Nike, Puma, Vans and Timberland. OrthoLite combines polyurethane and recycled rubber to provide superior cushioning, comfort, breathability and durability. OrthoLite insoles can now be purchased through a partnership with Amazon. For every pair of insoles sold, OrthoLite will donate $1 to the Level Field Fund, a grant-giving program that strives to bridge gaps in funding to uniquely talented athletes. To purchase insoles or for more information, please visit www.ortholite.com.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
Blue Point Capital Partners, LLC
201 South Tryon Street, Suite 850
Charlotte, NC 28202
Chairman and CEO
O2 Partners, LLC / OrthoLite
9 Research Drive, Suite 7
Amherst, MA 01002