Scope Growth II L.P, a Swedish private equity firm, has invested
€7 million ($9.8M) to become a large shareholder in the Finnish company Footbalance System Ltd. The investment enables Footbalance to build on its custom insole concept already available at 250 sports stores worldwide, including Road Runner Sports in the US.
In Europe, Footbalance will continue its growth in existing and new markets through Intersport International Corporation, its strategic partner.“Footbalance has a unique value proposition and has proven itself on the international sports market. We believe that Footbalance will continue to benefit from the current health and exercise trend and that the company will further strengthen its leadership in new markets and segments. We look forward to taking an active role as an owner and being involved in the company's continued development,” says Andreas Ossmark, Partner of Scope.
“Weâ€re pleased to have attracted Scopeï¿½a strong and experienced investorï¿½who will help us realize our dream of becoming one of the worldâ€s leading custom insole manufacturers,â€ says Erkki Hakkala, Founder and owner of Footbalance System Ltd.
â€Scopeâ€s investment in Footbalance acknowledges our first-class concept. Now we have the resources to fuel our worldwide roll-out,â€ says Antti Pihlakoski, CEO of Footbalance System Ltd.
Scope Growth II L.P. invests in primarily Nordic-based companies and currently manages two funds with aggregate capital in excess of â¬120 million.