Aiglon Capital and Merit Capital Partners have acquired Propét Footwear, a designer, manufacturer, and distributor of footwear.
Propét Footwear specializes in hard-to-fit feet across a wide range of sizes and widths. The company’s products – available in more than 500 styles for men and women – are sold through traditional wholesale, retail, and e-commerce channels, and through online marketplaces.
Propet’s products, with available options that can alleviate discomfort and address foot-related medical conditions, are also sold through certain medical providers. Propét was founded in 1985 and is headquartered near Seattle in Auburn, Washington.
Aiglon Capital invests in lower middle-market manufacturing, distribution, and services companies that have EBITDA between $5 million and $20 million. The Durham, North Carolina-headquartered firm has acquired eight platforms, closed seven add-on acquisitions, and exited two investments since its founding in 2014 by its managing partner Richard Griffin, a former partner at Pritzker Private Capital.
Merit Capital invests subordinated debt and equity capital of $15 million to $60 million in companies with at least $4 million of EBITDA that are active in the manufacturing, distribution and services industries. The firm makes both control and non-control investments in partnership with independent sponsors, family-owned companies, and existing owner-managers. Merit is led by its founding partners Terrance Ship and Marc Walfish and is based in Chicago.
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