The management team of Fleet Feet, Inc., (www.fleetfeetsports.com) the nation’s leading franchisor of running specialty stores, has partnered with Raleigh, NC – based Investors Management Corporation (IMC) to acquire Fleet Feet Sports from Tom Raynor, CEO and majority shareholder. The private transaction is expected to close in the next 30 days.
Fleet Feet, Inc. will operate independently, and its management team will continue to run all aspects of the business. IMC will support the management team both financially and professionally in the ambitious growth goals of the company. In addition to the IMC investment, the Fleet Feet Inc. management team will invest substantially in the new company.
“Fleet Feet and IMC are united by a common business culture and are both passionate about building and growing great brands,” said Jeff Phillips, President, Fleet Feet, Inc. “This partnership will allow our team to continue working with our franchisees and vendor partners to move the brand forward and grow the business into the future.”
“IMC is excited to partner with the management team of Fleet Feet to expand our rich portfolio of leading brands,” commented Richard Urquhart, COO of IMC. “We believe in investing in proven management teams and supporting them in the direction they set for growing the business.”
“Our long term goal has always been to both continue the culture of the company and offer ownership opportunities to both franchisees and employees of Fleet Feet,” said Raynor, who had been the majority owner of the company for 19 years. “This is the culmination of our long term goal of employee ownership and platform for the unbelievable management team to take the brand to new heights,” he added.
Specialty Retail Development Company (SRDC), the company’s largest franchise, will also be acquired in the transaction and integrated into the new company structure. SRDC was formed in 2007 to purchase existing specialty stores and provide a pathway to ownership for outstanding employees. The company currently operates 17 franchise stores around the country.
April 2, 2012