Gridiron Capital Sells Foundation Wellness
Foundation Wellness Exit Highlights Gridiron’s Healthy Living Thematic Area of Expertise
NEW CANAAN, CT, September 4, 2024 – Gridiron Capital, LLC (“Gridiron Capital”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, is pleased to announce the sale of Foundation Wellness (the “Company”) to Bansk Group.
Headquartered in Wadsworth, Ohio, Foundation Wellness is a leading consumer wellness platform that empowers consumers to live healthy, active, and pain free lives. Foundation Wellness designs, manufactures, markets, and sells high-value branded wellness products, including its leading clinically endorsed premium orthotic brand, Powerstep®, and its rapidly growing premium performance orthotic brand Currex®, through a diverse mix of channels. Foundation Wellness also designs and manufactures custom engineered solutions for numerous business partners. The Company’s products – including orthotics and footbeds, orthopedic braces, sports supports, safety and ergonomic products, and natural topical analgesics – address the many needs of a broad consumer base including pain relief, performance enhancement, recovery, and everyday comfort.
Foundation Wellness CEO Sean Williams and the entire management team will continue to lead Foundation Wellness post-transaction.
“Our partnership with Foundation Wellness is a story of collaboration, teamwork, and transformation. The Company has created something truly special in the wellness category and the business will continue to be a leader in innovation as it supports people who strive to live better, more active lives,” said Gridiron Co-Founder and Managing Partner Tom Burger.
Sean Williams commented, “Gridiron has actively helped us accelerate organic growth and supported us in identifying and completing strategically important brand acquisitions. Through Gridiron’s Centers of Excellence, they have helped us to implement new technologies, systems, and processes, improve operations and supply chain, build and accelerate direct to consumer capabilities for continued rapid growth and consumer engagement, and form and develop a high-performing leadership team. They have been great partners that have helped us create a sustainable base for future growth.”
“In 2019, Gridiron Capital purchased the Company, then named Remington Products Company, from ESOP ownership. We helped guide the business through COVID and invested significantly in the team, systems, technologies, and operations to transform the business from a primarily private label manufacturer to an innovative, consumer-facing, high-margin branded business that has grown both organically and through strategic acquisitions,” said Gridiron Managing Director Joe Saldutti. “It’s been a pleasure to support Sean and the Company’s exceptional leadership team as partners in this significant transformation. We are confident that Foundation Wellness is positioned for even greater success going forward.”
Robert W. Baird & Co. served as financial advisor to Foundation Wellness supported by Piper Sandler. Benesch, Friedlander, Coplan & Aronoff LLP served as legal counsel in connection with the sale.
Financial terms of the transaction were not disclosed.
About Gridiron Capital
Gridiron Capital is an investment firm focused on partnering with founders, entrepreneurs, and management teams, and creating value by building middle-market companies into industry-leaders in the consumer products & services, industrial growth and business services segments in the United States and Canada. We help transform growing companies by winning together through hard work, partnerships grounded in shared values, and a unique culture that comes from hands-on experience building and running businesses. As a team led by former operators and entrepreneurs, we know what it takes to run successful businesses on a day-to-day basis. Additional information is available on the firm’s website: www.gridironcapital.com.
Contacts
Gridiron Capital, LLC
Tom Burger
Managing Partner
Joe Saldutti
Managing Director