3/7/2019 11:56:00 AM Martinsville-based For Bare Feet sold to New York firm
For Bare Feet, Inc., otherwise known as FBF Originals, announced this week that the sock-manufacturing company was recently sold to a New York investment firm for an undisclosed sum.
The sale is not expected to impact any of the 110 production and front office jobs at the Martinsville-based company, and the executive team and staffers will also remain.
“It’s business as usual regarding day-to-day operations,” said FBF Originals Chief Executive Officer Kelly Baugh, the youngest daughter of company founder Sharon Rivenbark. “We are excited about the opportunity Taglich Private Equity (TPE) provides to invest further and develop the FBF brand.”
TPE, headquartered in Long Island, N.Y., closed on the sale of the company in late December 2018, which followed the retirement of founder Rivenbark and the desire by three of her four daughters to get out of the sock business.
According to the FBF news release, TPE’s decision to purchase FBF was due to the company’s solid footing in the industry.
“FBF Originals was of immediate interest to us given their sturdy market position and unmatched experience in licensed sports and novelty sock categories,” said TPE Managing Partner William Morris. “They have a great management team and we look forward to supporting them in growing the business.”
Youngest daughter Baugh is partnering with TPE as part of the purchase agreement and will remain on as CEO.
Started in 1984, FBF was started by Rivenbark in Nashville, steadily growing into an international player in the sock industry that enjoys the longest-tenured sock licensing of the National Football League, in addition to licensing with hundreds of colleges, the National Hockey League, NASCAR, and Fortune 500 companies like Hershey, Wrangler and Mossy Oak.
After a fire destroyed its Nashville manufacturing facility in 2011, FBF relocated to the 225,000-square-foot facility at 1201 S. Ohio St. in Martinsville that previously housed Harman-Becker Automotive up until 2008.
FBF Originals’ Martinsville headquarters and factory produces high-quality socks, headbands, wristbands, scarves and other items sold by retailers across North America.