Implus, a provider of athletic, fitness, and outdoor accessories, has acquired Spenco insole and 2nd Skin medical adhesive assets of Spenco Medical Corporation.
Spenco’s portfolio of insole assets includes the Total Support, Spenco RX, and Polysorb® brands. Its medical adhesives unit includes bandages and gels for the treatment of burns, blisters, and hypertrophic and keloid scars.
Spenco’s insole business will be integrated into Implus’ current portfolio of insole products which includes the Sof Sole, apara, Airplus, and Sof Comfort brands. In conjunction with the transaction, Implus will assume Spenco’s Canadian operation based in Mississauga, Ontario. The remaining Footwear and Silicore® divisions of Spenco were sold to the existing management team and will continue to be run out of Waco, Texas.
“Spenco’s tenured legacy in the insole category provides a perfect complement to Implus’ current core product offering,” said Todd Vore, President of Implus. “We’re excited to offer a multi-branded strategy to our retailer customers as we continue to build on our ‘one-stop-shop’ approach for all accessory needs.”
Steve Smith, retiring CEO of Spenco Medical Corporation said, “Implus represented a very logical, strong, and strategic partner to carry forward Spenco’s well known world-wide brands of insole and healthcare products while Spenco’s existing Texas-based executives were the perfect choice to continue its footwear and Silicore businesses.”
Spenco will operate as a subsidiary of Implus, which is majority owned by Berkshire Partners, a Boston-based investment firm. Spenco represents the 5th acquisition for Implus since Berkshire’s investment in Implus in April 2015.
