AEA Investors has acquired Implus Footcare LLC, a Morrisville, N.C.-based maker of footwear accessories, from FdG Associates. No financial terms were disclosed. Sawaya Segalas & Co. advised Implus on the deal.
FdG Associates, a leading middle-market private equity firm, announced today it has sold Implus Footcare, LLC, the leader in performance footwear accessories, to New York-based AEA Investors, one of the pioneer firms in the private equity business. Terms of the transaction were not disclosed.
FdG Associates led the recapitalization of Implus Footcare in January 2001 with the goals of providing liquidity for certain shareholders, supporting the company's transition to a second generation of management and accelerating its growth.
“We are very proud of our investment in Implus Footcare and think its accomplishments are a wonderful example of the approach we take, and the results we realize, with our portfolio companies and their management teams,” said Doug Dossey, Managing Director at FdG Associates. “We are thrilled with the company Implus has become and all that Implus' management team, led by Seth Richards and Todd Vore, has achieved in the years we've worked with them.”
Over the past seven years, FdG Associates has supported Implus as it improved its organization and infrastructure, increased its product offerings, expanded its retail partnerships and completed and integrated acquisitions. Key to the development of several of its largest retail partnerships has been its innovative approach to category management, as well as its leadership of gender segmentation in the footwear accessory category. Foremost among its acquisitions was its May 2006 transaction with YakTrax, the leading marketer of snow and ice traction devices. Through these and many other growth initiatives, as well as management's strong execution of its business plan, Implus has tripled its revenue and profitability since partnering with FdG Associates, in the process returning in excess of 5x the equity invested in the company in 2001.
“We have been very pleased with our partnership with FdG; not only have they been instrumental in helping us attain our growth objectives, but they've done it in a very collaborative fashion