Coats completes acquisition of OrthoLite

Coats Group plc, a Tier 2 supplier of critical components to the apparel and footwear industries, announced on 28th May that it completed its acquisition of OrthoLite, a manufacturer of footwear materials and premium insoles.

The acquisition marks a major milestone in the company’s long-term growth strategy, strengthening its footwear division by expanding into the high-growth premium insole segment. The two companies share a similar customer base, a complementary global footprint, and a commitment to innovation and sustainability.

“OrthoLite is one of the world's most innovative manufacturers in footwear materials. With our combined capabilities, we'll now be able to offer our customers more future-focused solutions for more of the shoe – without compromising on trusted quality,” said David Paja, Group Chief Executive Officer of Coats.

Coats first announced its intention to purchase OrthoLite and its sustainable materials brand, Cirql, on July 16, 2025, for an initial enterprise value of $770 million. Following previous footwear acquisitions, this transaction aligns with the company’s ambition to advance the global apparel and footwear supply chain through innovation, sustainability, and digital technologies.

“I'm confident this move will bring even more value and opportunity for our customers and our people, while still delivering the great partnership and collaboration we've taken pride in over the years,” said Glenn Barrett, Founder and CEO of OrthoLite. “After 28 years leading the way in premium insoles, I look forward to this next era of growth with Coats.”

To reflect its increased scale and expanded footwear capabilities, Coats will transition from a three-division organizational structure (Apparel, Footwear, and Performance Materials) to a simplified two-division structure focused on Apparel and Footwear. The existing Performance Materials businesses will be integrated into these two new units.

The divisions will be led by Pasquale Abruzzese (Footwear CEO and Group Chief Operating Officer) and Adrian Elliott (Apparel CEO and Group Chief Commercial Officer). Glenn Barrett will continue to lead the OrthoLite business. External financial reporting will transition to this new structure for the fiscal year ending December 2026.