Superfeet, a global insole industry leader and innovator, announced it has agreed to a partnership with private equity firm, Westward Partners, which assumes majority ownership in the fast-growing industry. The acquisition will set Superfeet up for accelerated growth and bring the brand closer to its mission of being the life-changing shape under every foot.
Westward Partners and Superfeet are a natural fit. The private equity firm invests exclusively in Northwest companies with strong performance records, clear vision and proven leadership teams. As long-time fans of Superfeet products it embraces the industry leading biomechanics, product, innovation, technology and people first mindset, which is core to the Superfeet DNA.
Westward and the Superfeet teams will leverage each other’s strengths to expand the availability of the Superfeet shape and personalization technology to more people via current and new distribution channels.
Earlier this year, Superfeet employees crafted their shared five-year vision. Known internally as “5 for 25”, the vision sets a path to grow the Superfeet business and aid in the creation of the type of world they want to live in, where all people thrive. The plan includes measuring success on profit and by positive impact on people and planet through product and philanthropy. Westward’s plan is for Superfeet team to continue on this value-driven, people first strategy.
Westward Partners’ investment in Superfeet was made official on June 15. As a privately held company, the price will not be disclosed. As Superfeet transitions from being 100 percent employee-owned, the company will change structure from an S Corp (Inc) to an LLC. To hear more about what this news means to Superfeet employees, visit the company’s blog.