Foot Solutions has been sold to a group of investors.
The comfort shoe retailer and custom orthotics franchisor has been purchased by a group of private investors, who bought the firm from owner and CEO Ray Margiano. One of the anchor investors, John Prothro, will take the reins as CEO, and Margiano will move into a special adviser role. The financial terms of the deal were not disclosed.
“John Prothro and his team will be an exciting and positive transition for the company at a perfect time,” Margiano said in a release. Prothro is an experienced executive with a background in mergers and acquisitions, operations and multinational business leadership.
The new Foot Solutions owners plan to invest in a series of initiatives aimed at improving the company’s operations and aiding expansion, including a fresh marketing strategy and customer education concepts to draw in consumers.
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“Our franchisees are highly trained specialists in foot health and stability, and our system improves the quality of our customers’ lives by solving pain and joint issues. That kind of personalized, caring business model is absent in the market and cannot be replicated by the Internet,” said Prothro. “We just need to get the word out.”
Shortly after the acquisition, Foot Solutions made a key hire, tapping Bryan Scott as VP of strategic growth to help achieve its marketing goals. Scott, a former NFL player, is tasked with building the firm’s business operations through securing strategic partnerships.
Foot Solutions oversees more than 150 franchised stores in 14 countries. On its website, the company describes itself as the largest health and wellness franchise organization focused on foot health and other mobility-impairing conditions.
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