Blue Point Capital Partners announced April 17 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.
“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 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.
“Our mission is to provide high-quality, comfortable products to our customers,” said Glenn Barrett, chairman and chief executive officer of OrthoLite. “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 and offices in Charlotte, Cleveland, Seattle and Shanghai. It 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.