The management team of Fleet Feet, Inc. and Raleigh, NC-based Investors Management Corporation (IMC) have acquired Fleet Feet, Inc. and the Specialty Retail Development Company (SRDC). Under the new structure, Jeff Phillips has been appointed President and
Chief Executive Officer of the combined companies and Joey Pointer will
become the chief financial officer.
The transaction closed on Friday.
Phillips and Pointer have long been part of the Fleet Feet, Inc. management structure. Luke Rowe, another senior management veteran, will continue in his role as vice president of business Development, but take on the additional responsibility of overseeing new franchise development.
The Fleet Feet, Inc. management team will continue to run the company. IMC's primary role will be to support the management team in the achievement of its goals.
“We are thrilled with this outcome and the partner we have found in IMC,” said Phillips. “Fleet Feet Sports is in a unique position to build on the momentum we have created for the brand and we're excited about the opportunities in front of us. We look forward to exploring new ways to provide our customers with an incredible brand experience while expanding our retail footprint.”
“The Fleet Feet team is very committed to the success of their franchisees and to the company's mission of helping people pursue their healthy lifestyle goals,” said Richard Urquhart, COO of IMC. “We are excited to have the team as long-term partners and will support them in every way possible in carrying out their plans for the business.”
With 94 locations in 33 states and the District of Columbia, Fleet Feet, Inc. offers support for existing and potential franchises out of its corporate headquarters in Carrboro, North Carolina.
Founded in 1971, IMC is a private, closely held company headquartered in Raleigh, NC. IMC is committed to being a long-term owner of a family of companies in partnership with their leaders.