Gridiron Capital has acquired Remington Products Company, a maker of branded and private label orthotic products.
Remington’s sells both branded products direct to consumers and through specialty retailers and sells private label products to OEMs and distributors in the footcare, orthopedic soft goods, safety, and military markets.
The company’s products include foot beds (insoles that come in your shoes from the manufacturer), after-market insoles, foot care products, orthopedic braces, sports supports, and safety/ergonomic products. Remington is headquartered near Akron in Wadsworth, OH and has an additional facility in Ho Chi Minh City, Vietnam (www.remprod.com) (www.powersteps.com).
Remington, led by CEO Rhonda Newman, was founded in 1934 by the Remington family. An employee stock ownership plan acquired the company from the third generation of Remingtons in 2008.
“We are so proud of the incredible business and high-performing company culture our employees have built together,” said Ms. Newman. “We are at a turning point in our growth trajectory and are very excited to partner with Gridiron to leverage their experience, network and resources to take Remington to the next level.”
“We have a great deal of respect for the culture that the employees and leadership team at Remington Products have built over the years and are thrilled that the executives and employees will continue to be significant owners and partners together with Gridiron,” said Joe Saldutti, a managing director at Gridiron. “Our track record of successful partnerships in Northern Ohio – including through Performance Health & Wellness and Leaf Home Solutions – where sales, profitability and employment grew significantly during our partnership – underscores our commitment to building the Remington Products platform and preserving the successful culture of employee pride and ownership.”
Gridiron acquired Akron, OH-based Performance Health & Wellness, a manufacturer of topical analgesics products sold to therapy, rehabilitation, and wellness professionals, in October 2012 and sold the company in June 2016 to Patterson Medical, a portfolio company of Madison Dearborn Partners. Hudson, OH-based Leaf Home Solutions, a provider of rain gutter protection protects to residential homeowners, was acquired in September 2016 and is a current portfolio company of Gridiron.
Gridiron Capital invests in manufacturing, service and specialty consumer companies that have EBITDAs from $8 million to $50 million. Sectors of interest include branded consumer, B2B and B2C services, and niche industrial. In October 2016, Gridiron held a final closing of the firm’s third fund, Gridiron Capital Fund III LP, at the hard cap of $850 million.
“We are impressed with Remington Products’ leading position with clinicians, its dedication to consistent quality, reliability and its ability to meet its customers’ needs in an innovative and flexible manner,” said Tom Burger, a managing partner at Gridiron. “We look forward to working with Rhonda, the leadership team and employees to build Remington Products into the world’s leading orthopedic wellness platform.”
Gridiron Capital is based in New Canaan, CT (www.gridironcapital.com).
© 2019 Private Equity Professional | April 23, 2019
