Trilantic Capital Partners, a private equity firm, has partnered with management to acquire Implus Corporation, a leader in the footwear, outdoor and fitness accessories markets. In the transaction, Trilantic will partner with founding family member and CEO Seth Richards and President Todd Vore to provide capital to allow the company to execute on its key growth initiatives.
Implus' categories include insoles, shoe care products, socks, sports monitors, seasonal items and fitness products. The company's brands include: Sof Sole (insoles/socks/shoe care), Sof Comfort (insoles), Airplus (insoles), Apara (insoles/socks), Yaktrax (socks/traction devices), Sneaker Balls (shoe care), Highgear (electronics), Little Hotties (warmers) and Perfect (fitness accessories).
“Trilantic is a partner who will help us expand across business lines and in new markets, both in the US and overseas, where we see tremendous opportunity,” said Richards. “Trilantic has proven to be a successful partner in helping the management teams of middle-market businesses grow organically and through acquisitions. We look forward to a successful partnership.”
Added Charlie Moore, partner at Trilantic Capital Partners: “Implus has a strong competitive position with a proven track record of growth through innovation, customer expansion and strategic acquisition. Our partnership with Implus builds on our existing portfolio of consumer companies and highlights our commitment to supporting talented entrepreneurs to grow their businesses. We are thrilled to be working with this outstanding team.”
Financial terms of the transaction were not disclosed.
AEA Investors had acquired its stake in Implus in May 2008. Since then, Implus acquired Perfect Fitness in September and Highgear in 2010. Todd Vore in a September interview with Triangle Business Journal , Vore estimated that Implus revenues would reach $165 million in 2011, which is up from $140 million in 2010.
Trilantic Capital Partners is a private equity firm focused on control and significant minority investments in North America and Europe, with primary investment focus in consumer, energy, transport, financial services, business services and healthcare. Trilantic Capital Partners was formed in 2009 by the former principals of Lehman Brothers Merchant Banking (“LBMB”), where they established LBMB, and now Trilantic, as a partner of choice for management teams, entrepreneurs and family-owned companies. Trilantic currently manages two institutional private equity funds with an aggregate capital commitment of $3.8 billion.
