BGL Announces the Sale of OrthoFeet to Webster Equity Partners
Brown Gibbons Lang & Company (BGL) is pleased to announce that on October 15, 2018, the sale of OrthoFeet, Inc. (OrthoFeet), an affiliate of Tuckerman Capital, was consummated with an entity formed by Webster Equity Partners and Ron Bar, chief executive officer of OrthoFeet. BGL’s Consumer Group served as exclusive financial advisor to OrthoFeet. Terms of the transaction were not disclosed.
OrthoFeet is a leading direct-to-consumer (DTC) e-commerce retailer and wholesaler of premium branded, biomechanically engineered specialty footwear products for the comfort and therapeutic markets. The company’s broad offering of orthopedic footwear and orthotics address a wide array of medical conditions including diabetes, plantar fasciitis, arthritis, and neuropathy, along with providing superior solutions for customers seeking a comfortable shoe. OrthoFeet has achieved rapid growth through its recent expansion in the e-commerce channel via its own website, OrthoFeet.com, as well as third party sites like Amazon.
Nick Russell, who led the investment for Tuckerman, commented: “The BGL team exceeded our expectations in running a highly competitive and efficient process. Their e-commerce expertise and guidance in coordinating all of the principals and advisors involved in this transaction led to a great outcome for all parties and for that we are grateful for their experience and expertise. OrthoFeet has found the best new owner and partner for Ronnie and his team.”
Regarding Tuckerman’s investment, Russell added: “OrthoFeet has experienced tremendous growth over the last several years, building around a founding identity and nearly twenty-year history of providing highly efficacious footwear products to address a myriad of chronic, hard-to-solve mobility and related issues for its customers. Tuckerman is thankful to have had the opportunity to work closely with founder Ronnie Bar, PhD, to build the company to its current state. We look forward to witnessing Ronnie’s and OrthoFeet’s continuing success with their new investment partners.”
Founded in 2001, Tuckerman Capital is a private investment firm focused on smaller niche industrial and engineered product businesses with enterprise values typically ranging from $10 million to $75 million. Unlike traditional buyout funds, Tuckerman can act as the sole provider of patient capital for an acquisition—both debt and equity—bringing certainty to the acquisition process, stability for management, and reducing risk for investors. The firm was founded in 2001 and is currently investing its fifth institutional fund. For more information, please visit www.tuckermancapital.com.
Founded in 2003, Webster Equity Partners is a private equity firm that invests in the branded consumer and healthcare services industries and provides equity financing, expertise, and a broad contact network for management buyouts and growth capital. Webster is currently investing out of its fourth fund with $875 million of capital. For additional information on Webster Equity Partners, please visit www.websterequitypartners.com.