Boston-based Exaltare Capital Management, a private investment firm with a focus on franchise and multi-unit investments, has acquired Milwaukee-based GF Midwest, Inc. Terms of the deal were not disclosed.
GF Midwest is one of the largest developers and operators of the Good Feet Store, operating 23 franchises across nine states. The Good Feet Store has sold proprietary arch supports to alleviate pain and increase performance and comfort for over 30 years.
The Good Feet Store has two Milwaukee area locations, one in Wauwatosa and one in Brookfield.
GF Midwest was founded by Arnold Pereira in 2000, who was one of the first franchisees in the Good Feet Store brand. Following this investment, Pereira will continue to be the company's chief executive officer and remain a significant shareholder.
"This partnership with Exaltare will enable GF Midwest to accelerate its growth,” said Pereira. “I am excited to work with the Exaltare team – with their experience in growing franchised multi-unit businesses, they stood out as a great partner for the next phase of growth for GF Midwest."
Richard Moore, CEO of franchisor Good Feet Worldwide, said Exaltare was brought on as a strategic partner that has relevant experience through past acquisitions of several Planet Fitness locations and Urban Air locations.
“Having worked with Exaltare before Good Feet, I know firsthand how well Exaltare collaborates with its portfolio companies, seeking to add value while allowing the company to operate the business on a day-to-day basis,” said Moore. “Exaltare is a perfect fit with Good Feet's mission, brand, and business overall."