Coats Acquires OrthoLite to Accelerate Footwear Growth Strategy

Coats, a global leader in the manufacture of threads and structural components for apparel and footwear, as well as a pioneer in high-performance materials innovation, has signed a definitive agreement to acquire OrthoLite Holdings LLC (“OrthoLite”), the global leader in the premium insole market. This acquisition will accelerate Coats’ growth strategy and position the company as a super-tier supplier of footwear materials.

This high-quality, trustworthy business represents a compelling strategic fit and a unique opportunity for Coats to become a global leader in the supply of footwear materials, building on an already successful footwear business foundation and adding greater value for our customers. OrthoLite is a strong complement to Coats due to its customer base, market approach, focus on sustainability and global operational footprint, as well as its strong financial track record.

 

OrthoLite is a pioneer and global market leader in open-cell foam technology for insoles, offering outstanding advantages in comfort, performance, and sustainability. This acquisition includes Cirql, a newly developed proprietary foam technology launched earlier this year, aimed at providing a biodegradable or fully recyclable solution for the midsole market.

 

This combination provides Coats with a unique strategic opportunity to consolidate its position as a global leader in the footwear market. OrthoLite's strategic focus on sustainability, along with its reputation as a technology leader, will further enhance our innovative product portfolio and strengthen our positioning with leading footwear brand customers.

 

David Paja, CEO of Coats Group, said: "The combination of Coats and OrthoLite is great news for both companies and the footwear industry. It brings together two global leaders in adjacent areas of the footwear components market, who share a common vision for innovation and sustainability, and possess unparalleled brand and customer relationships."

 

We look forward to collaborating with Glenn Barrett and the OrthoLite team to reshape the future of the footwear components industry by leveraging our combined strengths.

 

Glenn Barrett, founder and CEO of OrthoLite, added: "I am thrilled to merge with OrthoLite, the footwear innovation business I co-founded with Coats Group plc 28 years ago. This alliance forms a strong partnership of industry leaders, providing a platform for OrthoLite and Cirql to continue delivering the most innovative and sustainable footwear components in the world to our customers."

Cirql solutions focus on the entire lifecycle of footwear and are divided into two categories: compostable/biodegradable or fully recyclable. As a key solution needed for the footwear industry to achieve true circularity, Cirql offers a pure foam alternative to traditional plastics such as EVA.

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