Superfeet, a leading American supplier of comfort insoles, said that the Seattle-based private equity firm Westward Partners has bought a majority stake in the company to support its growth. Superfeet was previously wholly-owned by its employees. No financial details were released.
”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,” said Andy Baldridge, Westward’s founder and a partner in the firm.
The new owner will maintain Superfeet’s management team.
Superfeet added that with the Westward investment, “we will be structured to focus more resources on innovation projects, product development and brand building.”