Incline Completes Third Follow-on Acquisition at Orthotic Holdings

  • News
  • October 25, 2011

Incline Equity Partners (formerly PNC Equity) and portfolio company Orthotic Holdings, Inc. (“OHI”) announced today the acquisition of Arizona AFO, Inc., a leading manufacturer of custom leather ankle foot orthotics (“AFOs”) for the treatment of foot disorders.

Arizona AFO, headquartered in Mesa, AZ, was the first company to develop and patent an ankle brace for the treatment of posterior tibial tendon dysfunction “PTTD”, thus eliminating the need for surgery. Today, the Arizona AFO brand is synonymous with high quality and recognized throughout the industry.  The Company sells a variety of AFO products to more than 1,000 orthotists and prosthetists (“O&P”) practitioners in North America.

“The acquisition of Arizona AFO is a perfect example of Incline Equity Partners’ strategy of enhancing value through acquisitions.  Arizona AFO is the third add-on to OHI since our initial investment in 2008 and we will continue to expand OHI through both organic growth and future acquisitions,” said Jack Glover, founding partner of Incline Equity Partners.

Incline Equity Partners initially invested in OHI, then known as The Orthotic Group, in August 2008. Prior acquisitions included the custom foot orthotics division of Langer Biomechanics in 2008 and Toronto-based River Biomechanics in 2010.

Charlie Rossetti, Senior Associate of Incline Equity Partners, added, “Arizona AFO’s west coast presence, best-in-class manufacturing capabilities, and access to the O&P channel will significantly enhance the OHI platform, allowing it to better serve the lower limb orthotic market.”

Based in Markham, Ontario, Orthotic Holdings is a leading manufacturer and distributor of custom prescription orthotics, orthotic footwear, and gait analysis equipment for health care professionals.

“This is a wonderful addition to OHI as Arizona AFO is recognized as the market and brand leader in gauntlet AFO’s in North America,” said Bruce Marrison, CEO of Orthotic Holdings.  “We are very excited to combine the strength of Arizona AFO’s management team with the existing teams at The Orthotic Group and Langer to further build our respective market leading positions.”

 

About Incline Equity Partners
Incline Equity Partners, headquartered in Pittsburgh, Pennsylvania, is a private equity firm focused on making investments in lower middle-market growth companies, focusing on companies with enterprise values of $30MM to $125MM across a variety of industry sectors including value-added distribution, specialized light manufacturing and business and industrial services. Typical investment types are management buyouts, ownership transitions for privately held businesses and corporate divestitures. Incline Equity Partners has experience with investing, mergers and acquisitions, leveraged finance, leveraged buyouts and growth capital.

 

Disclaimer
Incline Management Corporation (“IMC”) is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended.  Registration as an investment adviser does not imply a certain level of skill or training.  IMC provides investment advisory services only to privately offered funds.  IMC does not solicit or make its services available to the public or other advisory clients.  This press release is intended solely to provide information regarding Incline’s potential capabilities for prospective portfolio companies, and is not an offer to sell to any person, or a solicitation from any person of an offer to buy, any securities.  The statements contained herein are not statements of any IMC client fund or investor and do not describe any experience with or endorsement of IMC as an investment adviser by any such client or investor.

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