Insole manufacturer OrthoLite has a new investor. Private equity firm Trilantic North America announced Monday it has acquired a majority stake in the footwear component company.
The financial terms of the deal were not disclosed. However, a press release by Trilantic stated that OrthoLite Founder and CEO Glenn Barrett, COO John Barrett and other key members of management will retain significant ownership interests. The transaction is expected to close in the third quarter of 2017.
“Glenn is a tremendous leader and has done an impressive job driving growth at OrthoLite over the years,” said Jamie Manges, Trilantic North America partner. “The quality, consistency and innovation that OrthoLite offers to its footwear customers is truly unique, and we’re excited to be partnering with Glenn and his team.”
“Our company is experiencing a lot of momentum and we believe that Trilantic North America’s experience in branded components and the footwear industry will help accelerate our growth,” Barrett said. “We look forward to working with Jamie and the rest of the Trilantic North America team as we continue to expand OrthoLite globally.”