Baker McKenzie Advised Coats Group PLC On USD 770 Million Acquisition Of OrthoLite Holdings

Baker McKenzie advised Coats Group PLC on USD 770 million acquisition of OrthoLite Holdings

Baker McKenzie is advising Coats Group PLC, a world-leading industrial thread and footwear components manufacturer, on its acquisition of OrthoLite Holdings LLC for an enterprise value of USD 770 million, as well as on the related debt and equity financing.

OrthoLite is the global market leader in open-cell foam insoles, operating in a fast-growing segment of the footwear market that is driven by increasing adoption of open-cell technology for its superior comfort, performance, and sustainability. The acquisition significantly accelerates Coats Footwear division’s strategy to become a ‘super tier 2’ supplier for footwear components, strengthening its product portfolio through entry into the premium open-cell insole segment.

Commenting on the transaction, Ash Tiwari, London Corporate Partner at Baker McKenzie, said,

The Baker McKenzie team was led by Ash Tiwari, with key support from New York Corporate Partners Alan Zoccolillo and Jieun Tak, and Associate Matt Bratovich. In London, Senior Associates Niraj Visani, Priya Shah, Jack Bliss, and Trainee Samuel Trevor provided further support.

The equity financing workstream was led by London Corporate Finance Partners James Thompson and Nick Bryans, assisted by Senior Associate Cristina Brown and Associate Avni Devgan. The debt financing workstream was led by London Finance Partners Matt Cox and Anthony Kay, with support from Senior Associate Thomas Hosted and Trainee Denis Sharov. Antitrust advice was delivered by London Partners Luis Gomez and Anthony Gamble, with Associates Zareenah Rasool and Kshaema Matthews.

The wider global deal team included specialist teams across London, the United States, China, Hong Kong, Vietnam, Indonesia, and Spain, covering Commercial, Compliance, Data Protection, Employment, Intellectual Property, Pensions, and Real Estate.

Lazard acted as M&A financial adviser and equity finance adviser to Coats, with Rothschild as debt finance adviser. Kirkland & Ellis acted as legal counsel and William Blair as financial adviser to the sellers. Linklaters acted as legal counsel to the banks for the debt financing, while HSF Kramer acted as legal counsel to the banks for the equity placing.

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