Insole maker Superfeet has agreed to a partnership with the private equity firm Westward Partners. The Seattle-based firm assumes majority ownership effective immediately. The two entities will leverage each other’s strengths to expand the availability of the the brand’s shape and personalization technology to more people via current and new distribution channels.
“We recognize and are excited about the incredible growth opportunity for the company which is based upon a loyal following of existing customers and recent traction among new customers as they are introduced to the brand—all supported by very strong operational and technical expertise,” states Andy Baldridge, founder and partner of Westward Partners. “Superfeet has incredible product, a world class team, a values-driven culture and a solid vision for the future.” Adds Erik Tolzmann, founder and partner, “Together, we plan to grow the brand, product portfolio and geographic reach, ultimately getting Superfeet to more of the people who need them.”
“Since 1977, our mission at Superfeet has been to help as many people as possible by making life-changing products and building a culture where people come first. With the Westward acquisition our people win, and the brand wins,” says John Rauvola, CEO of Superfeet. “The Superfeet Employee Stock Ownership Program (ESOP) was established to ensure our employee-owners would have a secure future based on the success Superfeet achieved. Today the goal of the ESOP is realized. We are invigorated by the new partnership with Westward and how the investment benefits our team and our ability to serve more people and change more lives for the better.”
Earlier this year, Superfeet employees crafted their shared five-year vision together. 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 not only on profit but also by positive impact on people and planet through product and philanthropy. Westward’s plan is for Superfeet team to continue to lead the way with this value-driven, people first strategy. “A stronger Superfeet, is a stronger partner,” states Annie Quammen, Superfeet’s director of human resources. “We are proud of this new chapter and excited our team will become even better with Westward at our side. Our management team will continue to prioritize culture and growing our people, while stepping up the pace for our success for our brand and our retailers.”
John Rauvola, CEO of Superfeet, says the acquisition by Westward Partners will enable the company to reach its full potential.