Implus, manufacturer of Sof Sole, has acquired the shoe care, insole, and shoe lace assets from Penguin Brands, Inc. As a result of the deal, Nathan, the running accessories specialist, becomes a standalone company under its current ownership and leadership team.
Terms of the transaction were not disclosed.
“The purchase of select Penguin Brands assets underscores our commitment to the growth of the shoe care category,” said Todd Vore, president of Implus. “With the combination of quality and innovation that both companies are known for, the acquisition complements the strength of Implus' footwear accessories portfolio.”
Jon Reichlin, founder of Penguin Brands, Inc. and current chairman of the board, will remain involved as an investor and consultant to Implus.
“The Penguin brand has been built over the past 38 years with great care, passion and commitment. We are thrilled that Penguin will live and grow with a team that will not just uphold, but enhance, the standards we have set over the years,” said Reichlin. “Implus' unparalleled distribution platform and customer service, combined with the innovation and breadth of Penguin shoe care products, will take the shoe care industry to unprecedented heights.”
Nathan, which sells hydration, visibility, and essential performance gear to help athletes run stronger and longer, was not included in the sale and is now a stand-alone company. Current Penguin Brands CEO Bridgit Lombard will remain with Nathan as CEO of the independent brand.
Headquartered in North Carolina's Research Triangle Park, Implus range includes footwear, outdoor and fitness accessories. Implus' brand family includes Sof Sole, Yaktrax, apara, Airplus, Sneaker Balls, Sof Comfort, Little Hotties, Perfect Fitness and ICETrekkers.
Nathan's range includes hydration vests, belts, handhelds, bottles, running paks, active visibility and reflective vests, and other outdoor gear essentials.
