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In January 2001, FdG Associates Associates led the recapitalization of Implus Footcare to provide a group of longtime, passive shareholders the opportunity to receive full liquidity for their stakes in the Company while allowing the management shareholders to retain a significant interest in the Company on a tax-deferred basis. The transaction also was structured to facilitate a partial transfer of the Company's ownership to second-generation management. Headquartered in Raleigh, North Carolina, Implus designed, marketed and distributed insoles, foot care devices, shoe care products and shoe laces under three different brand names (Sof Sole, AirPlus and Sof Comfort) and several private-label brands.
Implus focused on increasing its market share through its "one-stop shop, ankle down" strategy. In the specialty market, the Company's strategy capitalized on its leading market position in insoles to dominate the shoe accessories category. In the food, drug and mass market, the Company's focus was on expanding the number of Implus products carried in each store and the number of stores in its store base. The Company grew by adding products, both organcially and via acquisition, that fit within its "ankle-down" strategy and could be distributed through its category-leading distribution system.
Implus was sold in May 2008 to affiliates of AEA Investors, which will leverage the Company's distribution platform to continue to build the Company's product offering organically and through additional acquisitions. FdG Capital Partners II was a co-investor with AEA in the purchase of Implus.
