OrthoLite is the global market leader in open-cell foam insoles. It operates in an attractive, fast-growing segment of the footwear market with strong tailwinds for growth as brands increasingly adopt open-cell technology due to its superior benefits in terms of comfort, performance and sustainability. The acquisition accelerates Coats Footwear division’s strategy to create a ‘super tier 2’ supplier for footwear components, strengthening its product offering to brands through the entry into the attractive fast growing open-cell premium insole segment of the market.
Commenting on the transaction, London Corporate Partner Ash Tiwari said: “We are delighted to have partnered again with Coats on this transformative acquisition. As a firm, we leveraged our unique cross-Atlantic bench strength to provide a truly around-the-clock service. The transaction is also testament to Baker McKenzie’s global expertise across practice areas – with M&A, Equity Capital Markets, Debt Finance and specialist teams working seamlessly across numerous jurisdictions to deliver this transaction for Coats.”
The Baker McKenzie team was led by Ash Tiwari, with invaluable support from New York Corporate Partners Alan Zoccolillo and Jieun Tak, and Associate Matt Bratovich, and in London, from Senior Associates Niraj Visani, Priya Shah and Jack Bliss, and Trainee Samuel Trevor.
The equity financing work stream was led by London Corporate Finance Partners James Thompson and Nick Bryans with support from Senior Associate Cristina Brown and Associate Avni Devgan.
The debt financing work stream was led by London Finance Partners Matt Cox and Anthony Kay with support from Senior Associate Thomas Hosted and Trainee Denis Sharov.
Antitrust advice was delivered by London Partners Luis Gomez and Anthony Gamble and Associates Zareenah Rasool and Kshaema Matthews.
The wider global deal team comprised specialist teams in London, the United States, China, Hong Kong, Vietnam, Indonesia and Spain, covering Commercial, Compliance, Data Protection, Employment, Intellectual Property, Pensions and Real Estate.
Lazard acted as M&A financial adviser and equity finance adviser to Coats. Rothschild acted as debt finance adviser to Coats.
Kirkland & Ellis acted as legal counsel and William Blair acted as financial adviser to the sellers.
Linklaters acted as legal counsel to the banks for the debt financing. HSF Kramer acted as legal counsel to the banks for the equity placing.