Aiming to create a super-tier 2 supplier of footwear components, U.K.-based Coats will acquire insole maker OrthoLite for an enterprise value of $770 million, plus a potential $10 million earn-out. Coats is already a leading manufacturer of thread and structural components for apparel and footwear, and sees OrthoLite as a highly complementary addition. OrthoLite’s open-cell foam insoles are used by Adidas, Nike, Asics, and other sneaker makers, with an annual production of more than 600 million pairs. It recently launched Cirql, a biodegradable and fully recyclable proprietary foam technology for midsoles. ... Log in to view full article.