PNC Equity Partners Buys Orthotic Group
MTN Capital joins in deal.
October 27, 2008
PNC Equity Partners, the Pittsburgh middle market investor, announced today it acquired the Orthotic Group, which makes and sells orthotic footwear, gait analysis equipment and other products to healthcare professionals.
The Canadian firm serves chiropractic, podiatric and rehabilitation markets in North America, Europe and Australia.
“The company has exhibited a stable history of organic revenue growth, strong free cash flow and a diverse customer base,” said Jonathan Lewis, vice president of PNC Equity Partners. "We view the Orthotic Group as an opportunity to own a leader within the custom orthotics market of the foot care industry and a platform for consolidation of a fragmented, but high-margin, niche."
The transaction was led for PNC Equity Partners by Lewis, Glover, Robert Dolan, associate, and David Hillman, partner. Glover, Lewis and Hillman will represent the firm on the company’s board of directors. Senior debt was provided by the Bank of Montreal. MTN Capital was also involved with the deal.
“PNC Equity Partners has helped us to refine our organic growth strategy in North America and abroad,” said Bruce Marrison, chief executive officer of the Orthotic Group. "We believe that [the company] will benefit greatly from their experience in acquisition integration."
For more information on related topics, visit the following:
