Insole maker Superfeet in Ferndale, Wash., has announced that its employee stock ownership program (ESOP) has purchased the balance of the company’s shares now making it 100 percent employee owned.
A leader in the over-the-counter insole category, Superfeet has been a partial ESOP since 2006, with employees owning 50.2 percent of the company’s shares.
“Becoming 100 percent employee-owned is a huge milestone for Superfeet,” according to John Rauvola, Superfeet president. “It reinforces our long-term commitment to preserving our culture and values as we continue to grow as an organization.”
Superfeet was established in 1977 as a producer of professional grade after-market orthotics. According to the company, by becoming employee owned, it has aligned with its values of making a positive difference in the lives of consumers by providing them with comfort and wellness products, while also allowing employees to have more control over their future careers.
“I can’t think of a more exciting time for our team,” said Scott Dohner, chairman of the board of directors. “Ownership empowers and deeply connects the employees to the success of the organization. It’s just one more way to show that we are all in this together.”
Superfeet joins footwear brand Dansko, West Grove, Pa., which celebrates its 25th anniversary this year, as an employee-owned company.