June 2015Implus Acquires Balega Socks
Durham, North Carolina, June 4, 2015 — Fresh off an infusion of funds from a Boston-based financing partner, Implus has acquired performance socks manufacturer Balega from its founder Bert Pictor. The deal marks the first since Berkshire Partners in April acquired a majority position in Durham, N.C.-based Implus from Trilantic North America, another investment firm.
Balega joins a stable of 14 other performance sports accessories already owned by Implus that includes Little Hotties hand and body warmers, Yaktrax show crampons and Airplus insoles. The sock company develops its entire product line at its Cape Town, South Africa, production facility using American-made yarns.
“The addition of the Balega brand to the Implus family adds a top-level product offering and opens up new channels as we solidify our position in the specialty running market,” said Todd Vore, president of Implus. “We’re grateful to have the Balega management team stay on board with our company so that we can benefit from their expertise and they can help us explore new opportunities."
Under the arrangement, Pictor will continue as senior vice president, Chris Bevin will remain as vice president of sales and Tanya Pictor will stay as vice president of marketing.
"With the operational and logistical resources that Implus provides – combined with Balega’s quality, innovative products and established relationships in the channel – we have the makings of a great partnership," Bert Pictor said. "The essence of what Balega is remains. We will continue to innovate, provide excellent service and give back to the communities in which we operate. It is business as usual, only much better.”
Source: Outdoor Magazine
Title: Implus Acquires Balega Socks
Date Published: June 4, 2015
Date Accessed: July 17, 2015