Law Firms Baker McKenzie, Trilegal, and Kirkland represent Coats Group in their $770 million purchase of OrthoLite
In a significant move, Coats Group plc, a global leader in thread and structural components for apparel and footwear, has signed a definitive agreement to acquire OrthoLite Holdings LLC for an enterprise value of $770 million. The deal, which accelerates Coats' growth strategy to become a super tier 2 supplier in footwear materials, includes OrthoLite's patent portfolio, including its innovative CirqlTM midsole technology.
For the Indian legal aspects of the acquisition, Trilegal served as the counsel. The Trilegal transaction team, led by Partner Delano Furtado, handled the Indian legal due diligence and related matters concerning OrthoLite’s operations in India. Counsel Saumya Kakar and Associates Ridhi Shetty, Rhea Almeida, Anoushka Gahilot, and Punit Sanwal provided essential support. On labour and employment issues, Partner Parvathy Tharamel and Associates Koshy Mathen and Lekha Suki advised Coats Group.
Baker McKenzie advised Coats Group on the overall acquisition, debt, and equity financing aspects of the deal. Meanwhile, Kirkland & Ellis advised OrthoLite on this transaction. No specific legal advisors were mentioned for the Indian legal aspects of OrthoLite.
The Coats Group transaction team was led by London Partner AshTiwari, with support from New York Corporate Partners Alan Zoccolillo and Jieun Tak. Matt Bratovich (Associate, NY), Niraj Visani, Priya Shah, and Jack Bliss, and Trainee Samuel Trevor (Senior Associates, London) also supported the Coats Group team.
Coats Group boasts around 550 brand customers globally and has a significant manufacturing footprint. OrthoLite, a global market leader in insole open-cell foam technology, will undoubtedly strengthen Coats' position in the footwear industry. The acquisition is expected to close in the second half of 2022, subject to customary closing conditions and regulatory approvals.
[1] Trilegal Advises Coats Group on USD 770 Million Acquisition of OrthoLite Holdings LLC (Trilegal, 2022) [2] Coats Group to Acquire OrthoLite for $770 Million (Reuters, 2022) [3] Kirkland & Ellis Advises OrthoLite on its $770 Million Sale to Coats Group (Kirkland & Ellis, 2022)
In this transaction, Baker McKenzie managed the overall acquisition, finance, and equity funding aspects for Coats Group, while Kirkland & Ellis advised OrthoLite. The industry-focused acquisition of OrthoLite by Coats Group, worth $770 million, is set to enhance Coats' position in the footwear business by strengthening its product offerings with OrthoLite's insole open-cell foam technology.
