Implus, which is backed by Berkshire Partners, has acquired Spenco Medical Corp‘s Spenco insole and 2nd Skin medical adhesive assets. No financial terms were disclosed. In addition to this transaction, Implus will take over Spenco’s Canadian operation. Spenco’s remaining footwear and silicore units were sold to the company’s management and will continue to be based in Waco, Texas.
DURHAM, N.C.–(BUSINESS WIRE)–Implus, a provider of athletic, fitness, and outdoor accessories, today announced the acquisition of the Spenco® insole and 2nd Skin® medical adhesive assets of Spenco Medical Corporation. Spenco’s portfolio of insole assets includes the Total Support®, Spenco RX®, and Polysorb® brands. Its medical adhesives unit includes bandages and gels for the treatment of burns, blisters, and hypertrophic and keloid scars.
Spenco’s insole business will be integrated into Implus’ current portfolio of insole products which includes the Sof Sole®, apara®, Airplus®, and Sof Comfort® brands. In conjunction with the transaction, Implus will assume Spenco’s Canadian operation based in Mississauga, Ontario. The remaining Footwear and Silicore® divisions of Spenco were sold to the existing management team and will continue to be run out of Waco, Texas.
“Spenco’s tenured legacy in the insole category provides a perfect complement to Implus’ current core product offering,” said Todd Vore, President of Implus. “We’re excited to offer a multi-branded strategy to our retailer customers as we continue to build on our ‘one-stop-shop’ approach for all accessory needs.”
Steve Smith, retiring CEO of Spenco Medical Corporation said, “Implus represented a very logical, strong, and strategic partner to carry forward Spenco’s well known world-wide brands of insole and healthcare products while Spenco’s existing Texas-based executives were the perfect choice to continue its footwear and Silicore businesses.”
Spenco will operate as a subsidiary of Implus, which is majority owned by Berkshire Partners, a Boston-based investment firm. Spenco represents the 5th acquisition for Implus since Berkshire’s investment in Implus in April 2015.
Headquartered in Durham, North Carolina, Implus is an innovative provider of products ranging from footcare and seasonal accessories to fitness and recovery solutions. Implus’ brand family includes Sof Sole®, Balega®, Yaktrax®, apara®, Airplus®, Sneaker Balls®, Sof Comfort®, Little Hotties®, Penguin®, Perfect Fitness®, ICETrekkers®, FitDeck®, DryGuy®, TriggerPoint®, Harbinger®, FuelBelt®, and now Spenco®. Implus proudly distributes to over 75,000 retail outlets across North America and in 70 countries worldwide. For more information, please call 800-446-7587 or visit www.implus.com.
About Berkshire Partners
Berkshire Partners, a Boston-based investment firm, has raised nine private equity funds with more than $16 billion in aggregate capital and has made more than 115 investments in primarily middle market companies since its founding in 1986. Berkshire has developed specific industry experience in several areas including consumer products and retail, business services, industrials, communications and transportation. Berkshire has a strong history of partnering with management teams to grow the companies in which it invests with the goal of consistently achieving superior investment returns. The firm is currently investing from Berkshire Fund VIII, a $4.5 billion fund raised in 2011. In March 2016, Berkshire completed fundraising for Fund IX, which has $5.5 billion in commitments. The firm seeks to invest $50 million to $500 million of capital in each portfolio company. For additional information, visit www.berkshirepartners.com.