R.G. Barry Corp. has added to its brand line-up with the cash acquisition of Foot Petals LLC.
The Pickerington, Oh.-based firm has purchased all substantial assets of Foot Petals for $14 million, and the Long Beach, Calif.-based maker of insoles, arch supports and other shoe cushions now operates as a subsidiary of R.G. Barry.
“[Foot Petals] is a growing business that generates very healthy returns. Its management team, led by Tina Aldatz, is young, aggressive and has done an amazing job building a successful, category-leading business in less than a decade,” said R.G. Barry President and CEO Greg Tunney said in a company statement.
According to Tunney, R.G. Barry and Foot Petals currently share distribution channels in stores that include Nordstrom and Dillard’s.
Before the deal with R.G. Barry, Foot Petals had licensed its name to New York-based Deer Stags Concepts for a women’s footwear collection incorporating its comfort technology. However, the agreement was short lived after Aldatz took the line back in-house in order to be more hands-on.
According Deer Stags EVP Rick Muskat, the company has only delivered the pre-sold orders for spring.