The Orthotic Group, an acquisition platform sponsored by PNC Equity Partners, has acquired the Deerfield, N.Y.-based custom orthotics business of Langer Inc. Bank of Montreal provided senior debt, although no additional financial terms were disclosed.
PNC Equity Partners announced today the acquisition of the custom orthotics business of Langer, Inc., located in Deer Park, N.Y., as the first add-on acquisition to its recent investment in The Orthotic Group, Inc.
Langer has often been credited with creating the prescription foot orthotic industry and has played an integral role in the applied science of podiatric biomechanics. Senior debt was provided by Bank of Montreal.
“Langer’s brand is very well known within the North American podiatric community. Langer’s loyal and longstanding customer base made it a unique acquisition opportunity,” said Jonathan Lewis, vice president of PNC Equity Partners.
PNC Equity Partners announced last month the acquisition of The Orthotic Group (TOG), a leading manufacturer and distributor of custom prescription orthotics, orthotic footwear, and gait analysis equipment to health care professionals. Headquartered in Markham, Ontario, TOG’s business model focuses on serving the chiropractic, podiatric, and rehabilitation markets in North America, Europe, and Australia.
“We like the fundamentals of the custom orthotics business and intend to continue to seek additional acquisitions that complement our current platform,” said Jack Glover, partner of PNC Equity Partners.
“Langer’s unique manufacturing capabilities will strongly complement those of The Orthotic Group and create a breadth of products that is unmatched in the industry,” said Bruce Marrison, chief executive officer of The Orthotic Group.
PNC Equity Partners (www.pncequity.com) invests in companies operating in micro-marketsTM, making private equity investments of $10 million to $30 million in leveraged buyouts, recapitalizations and large minority financings of middle market companies with enterprise values between $25 million and $150 million across a variety of industry sectors.