Superfeet has agreed to a partnership with Westward Partners that gives the Seattle-based private equity firm majority ownership in the insole brand. “This 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,” according to an announcement by the two companies.
Westward Partners exclusively invests in Northwest companies with strong performance records, clear vision and proven leadership teams. 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.
“When we were introduced to Superfeet we immediately connected with their vision and values,” says Andy Baldridge, Westward founder and partner. “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.
“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 at Westward Partners.
“Together we plan to grow the brand, product portfolio and geographic reach, ultimately getting Superfeet to more of the people who need them.”
Earlier this year, Superfeet employees crafted their shared 5-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.
“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.”
Westward Partners’ investment in Superfeet was made official on June 15, 2021. 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.