News
PNC Equity Partners, L.P. Acquires Custom Orthotics Operations of Langer, Inc.
Pittsburgh,PA [October 24, 2008]—PNC Equity Partners, II, L.P., announced today their acquisition of Langer, Inc.'s custom orthotics business, located in Deer Park, NY, the first add-on acquisition to its recent investment in The Orthotic Group, Inc. Langer has often been credited with creating the prescription foot orthotic industry and has played an integral role in the applied science of podiatric biomechanics. Headquartered in Markham, Ontario, The Orthotic Group ("TOG") is a leading manufacturer and distributor of custom prescription orthotics, orthotic footwear, and gait analysis equipment of health care professionals. TOG's business model focuses on serving the chiropractic, podiatric, and rehabilitation markets in North America, Eurpoe, and Australia. Senior debt was provided by Bank of Montreal.
"Langer's brand is very well known within the North American podiatric community, and the business is a natural fit with The Orthotic Group. Langer's loyal and longstanding customer base made it a unique acquisition opportunity," said Jonathan Lewis, Vice President of PNC Equity Partners.
"We like the fundamentals of the custom orthotics business, and we intend to continue to seek additional acquisitions that complement our current platform," said Jack Glover, Partner, PNC Equity Partners.
Bruce Marrison, CEO of The Orthotic Group stated, "Langer expands our presence in the North American podiatric community and broadens our reach even more into the US market. We believe Langer's unique manufacturing capabilities will strongly complement those of The Orthotic Group and create a breadth of products that is unmatched in the industry."
Based in Pittsburgh, Pennsylvania, PNC Equity Partners (www.pncequity.com) invests in “important companies operating in micro-markets™,” making private equity investments of $10 million to $30 million in leveraged buyouts, recapitalizations and large minority financings of middle market companies with enterprise values between $25 million and $150 million across a variety of industry sectors, including niche manufacturing, value-added distribution, and outsourced services.
