Cebile Capital advised Westward Partners (Westward), a private equity firm investing exclusively in middle market companies in the Pacific Northwest, on the acquisition of Superfeet Inc, a global insole specialist.
Westward acquired the Company through funds raised from a sophisticated group of limited partners, led by Montana Capital Partners and Headway Capital Partners. Cebile Capital acted as sole placement agent for the opportunity.
Headquartered just outside Seattle, Washington, and in business for over 40 years, Superfeet is a leading manufacturer of premium insoles for consumers seeking everyday comfort or peak athletic performance, supported by decades of podiatric expertise and is a category leader in product quality and innovation holding 100-plus US and international patents.
“We recognise 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,” says Andy Baldridge, Founder and Partner at Westward Partners. “We look forward to a long-term partnership with our investors, including Montana Capital Partners and Headway Capital, who have joined us in this opportunity.”
“Superfeet has incredible product, a world class team, a values-driven culture, and a solid vision for the future. Together we plan to grow the brand, product portfolio and geographic reach, ultimately getting Superfeet to more of the people who need them,” says Erik Tolzmann, Founder and Partner at Westward Partners.”
“Westward’s acquisition of Superfeet underscores the appetite from limited partners for highly accretive direct deal and co-investment opportunities from top tier financial sponsors,” says Sunaina Sinha, Managing Partner at Cebile Capital. “Direct deal opportunities, like the Superfeet transaction, are becoming an increasingly important component of private equity programs and there can be diverse and significant benefits of co-investment from both a General Partner and Limited Partner perspective. We are pleased to be able to help both our GP and LP clients successfully complete these opportunities together.”
