Implus Corporation announced that Boston-based investment firm, Berkshire Partners LLC, entered into a definitive agreement to acquire a majority position in the company, alongside management from Trilantic North America. Terms of the transaction were not disclosed.
Headquartered in Durham, North Carolina, Implus is a provider of numerous brands across the footwear, fitness and recreational accessories categories. The company, led by CEO, Seth Richards, and President, Todd Vore, offers retailers a comprehensive selection of differentiated athletic, fitness and outdoor merchandise. Its portfolio of proprietary brands includes Sof Sole, Airplus, Perfect, TriggerPoint and Yaktrax. Implus’ product offerings include insoles, shoe care products, performance socks, home fitness and wellness products and a variety of seasonal accessories. The company distributes to more than 75,000 retail outlets across North America and in more than 70 countries worldwide.
“We are excited to begin our partnership with Berkshire Partners,” said Richards. “We appreciate Trilantic’s support during a transformative part of our company’s growth and believe this new development will ensure our ability to continue providing retailers with an innovative selection of high quality products and the superior customer service for which we strive every day.”
Commenting on the transaction, Vore said, “We are pleased to have found a partner that shares our vision for the future of Implus. We are eager to continue building our track record of excellence and expanding our product offering and network of retail distribution.”
“Implus is the leader in the segments in which it operates and is clearly a valued vendor to its retailers,”said Dave Bordeau, Managing Director of Berkshire Partners. “We believe the breadth of opportunity or organic and acquisition-driven growth is compelling. We look forward to working with Seth and Todd and the rest of the Implus team to support the next phase of the company’s development.”
The transaction closed on April 30. Robert W. Baird & Co. Incorporated acted as the company’s financial advisor in the transaction and Kirkland & Ellis LLP served as legal counsel to the company and Trilantic North America. Ropes & Gray LLP served as legal counsel to Berkshire Partners.
