This employee-owned Ferndale manufacturer acquired by Seattle firm, plans to grow
An employee-owned Ferndale manufacturer is being acquired by a Seattle-based private equity firm that plans to get its products to more people.
Superfeet announced in a news release that it is joining forces with Westward Partners. Westward will take over majority ownership of the company, which is owned by employees through its Employee Stock Ownership Program. Westward focuses on Pacific Northwest companies. Its portfolio includes Cascade Coffee and Grant Aviation. Terms of the sale were not disclosed.
“Superfeet has incredible product, a world-class team, a values-driven culture, and a solid vision for the future. Together we plan to grow the brand, product portfolio and geographic reach, ultimately getting Superfeet to more of the people who need them,” said Erik Tolzmann, founder and partner at Westward Partners, in the news release.
The plan for Superfeet in partnering with Westward is to expand its distribution reach, according to the news release.
Superfeet is known for manufacturing insoles. In the early days of the COVID-19 pandemic, Superfeet shifted some of its operations to making personal protective equipment to combat the virus, including producing and distributing more than 40,000 masks.
COVID-19 caused the company to cease its custom shoe production that was done through its sister company Flowbuilt. The disruption delays during the pandemic created too much risk for the company to continue that aspect of manufacturing, said Eric Hayes, chief marketing officer at Superfeet. Last year the company moved the Flowbuilt 3D-printing machines into its nearby Superfeet facility.
Every one of the approximately 120 employees will benefit from the sale of the company, Hayes said in an email to The Bellingham Herald. Even employees not part of the stock option program will receive a bonus.
The stock option program was structured to be similar to a 401(k) retirement programs and intended to support employees for the long term.
“We hope our team members will reinvest their earnings into another retirement account of their choosing but, ultimately, employees can choose to do what they want with their earnings,” Hayes said.
With the sale, the company will transition to a limited liability company. However, employees will continue to have opportunities to reinvest in the company through a different program, Hayes said.
This story was originally published June 17, 2021 at 10:32 AM.
