Deal done: Coats’ acquisition of OrthoLite is complete
Developer of materials and components for footwear and apparel Coats Group has completed its acquisition of specialist insole materials provide OrthoLite.
The two companies announced in July their intention to carry out this deal; Coats put an initial value of $770 million on it.
London-based Coats said this acquisition marked a major milestone in its long-term growth plans and its expansion into “the attractive, high-growth premium insole segment”.
It added that it would strengthen its existing footwear division. Coats acquired two prominent footwear component technology providers, Texon and Rhenoflex, in 2022.
“OrthoLite is one of the world’s most innovative manufacturers of footwear materials,” said Coats chief executive, David Paja, on the completion of this latest acquisition. “With our combined capabilities, we will now be able to offer our customers more future-focused solutions for more of the shoe.”
For his part the founder and chief executive of OrthoLite, Glenn Barrett, commented: “After 28 years leading the way in premium insoles, I look forward to this next era of growth with Coats.”
To better reflect its expanded footwear capabilities, Coats will change its organisational structure to have two divisions, apparel and footwear. Previously, it also had a performance materials division.
Pasquale Abruzzese will be chief executive of its footwear division and group chief operating officer. Adrian Elliott will be chief executive of its apparel division and group chief commercial officer.
Glenn Barrett will continue to lead the OrthoLite business.
