Enovis Sells Dr. Comfort Diabetic Shoe Business to Promus Equity Partners

Having been acquired for $255 million in 2010 Enovis today announced that it has entered into a definitive agreement to sell its Dr. Comfort diabetic shoe business to Promus Equity Partners, a Chicago-based multi-family asset management firm. The deal is valued at up to $60 million in cash, composed of an upfront payment of $45 million, with an additional amount of up to $15 million contingent upon the achievement of certain future milestones.

“This transaction represents a positive outcome for Enovis, our Dr. Comfort business, and Promus Equity Partners,” said Damien McDonald, Enovis’ Chief Executive Officer. “The sale sharpens our focus on Enovis’ core strengths and market leadership in Prevention & Recovery. By streamlining our portfolio we are creating a stronger foundation for the future. This divestiture, along with other initiatives already underway, positions Enovis to expand margins, enhance profitability, and accelerate debt reduction—further strengthening our role as a focused med-tech innovator dedicated to improving patients’ lives.”

McDonald continued, “I want to thank our dedicated Dr. Comfort associates for driving significant performance improvements while staying true to a long-term commitment to patient outcomes. We are confident that, as part of the Promus Equity Partners portfolio, Dr. Comfort has found an ideal environment to achieve its full potential. This acquisition supports continued growth for the business, creates opportunities for employees, and delivers ongoing benefits to the physicians and patients who rely on these products.”

Anders Rosenquist, Partner at Promus Equity Partners, remarked, “Promus Equity Partners is thrilled to be partnering with the team at Dr. Comfort in its mission to make life easier for people living with diabetes and other conditions affecting the feet. We’re excited to build upon Dr. Comfort’s long heritage in the category of serving clinicians, channel partners and patients with quality products and exceptional service. Together, we look forward to supporting Dr. Comfort’s expansion and reinforcing its reputation for innovative solutions and patient care.”