Coats Group has completed its $770 million deal to acquire OrthoLite and its sustainable materials brand, Cirql, boosting Coats Group’s presence in the footwear industry and allowing the company to expand into the insoles market.
“We’re delighted to officially welcome Glenn and the OrthoLite team to the Coats family,” said David Paja, group chief executive officer of Coats, a U.K.-based manufacturer of essential materials and components for the apparel and footwear industries. “OrthoLite is one of the world’s most innovative manufacturers in footwear materials. With our combined capabilities, we’ll now be able to offer our customers more future-focused solutions for more of the shoe—without compromising on the trusted quality both companies stand for.”
“I’m confident this move will bring even more value and opportunity for our customers and our people, while still delivering the great partnership and collaboration we’ve taken pride in over the years,” said Glenn Barrett, founder and CEO of OrthoLite. “After 28 years leading the way in premium insoles, I look forward to this next era of growth with Coats.”
Coats will combine its Apparel, Footwear, and Performance Materials groups into two divisions—Apparel and Footwear, with Performance Materials folded into the two divisions. The divisions will be led by Pasquale Abruzzese, Footwear CEO and group chief operating officer, and Adrian Elliott, Apparel CEO and group chief commercial officer. Barrett will continue to lead the OrthoLite business.
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