Bansk Group, a consumer-focused private investment firm building consumer brands, has acquired Foundation Wellness, headquartered in Wadsworth, OH, and the parent company of the Powerstep, Currex, Foot Petals, Flat Socks, Doctor Hoys, and other footcare-focused branded companies, from Gridiron Capital.
Terms of the transaction were not disclosed.
Foundation Wellness also designs and manufactures other orthopedic, orthotic and health and safety products for various healthcare and footwear customers and the U.S. military.
“As we see consumers increasingly focus on health, wellness and fitness, along with an aging U.S. population seeking to live a more active lifestyle, demand for effective, pain-relieving orthotic solutions is poised for long-term, secular growth,” said Chris Kelly, senior partner, Bansk Group. “For nearly 90 years, Foundation Wellness has built a reputation for prioritizing the health and wellness of consumers. We look forward to leveraging our track record in the consumer health sector to capitalize on strong demand for Foundation Wellness’ clinical orthotics offering and thoughtfully expand the company’s platform in adjacent categories.”
Bansk Group’s investment in Foundation Wellness marks the company’s third consumer healthcare platform investment and fifth in less than three years, following the pending acquisition of PetIQ, a pet medication, health and wellness company, the acquisitions of Arcadia Consumer Healthcare, a platform of OTC medicines brands; CloSYS, a science-based oral rinse product for sensitive mouths; and Avrio Health, another OTC consumer health products company.
“We’re thrilled to partner with the Bansk team to accelerate our brand growth and enhance the best-in-class orthotics solutions our industry-leading brands deliver to help consumers live higher quality, active lives,” said Sean Williams, CEO of Foundational Wellness. “Bansk’s deep expertise in consumer healthcare and track record of nurturing distinctive brands to drive long-term business growth aligns closely with our vision for Foundation Wellness. We’re proud that our brands deliver products consumers can rely on to address pain, enhance performance, and amplify comfort. We are excited to continue innovating alongside the Bansk team.”
Baird served as a financial advisor to Foundation Wellness. Kirkland & Ellis served as legal counsel to Bansk Group.
Image courtesy Currex
