Dearfoams parent RG Barry Brands acquired by Marubeni

Multi-brand management platform RG Barry Brands (RGB) has been acquired by Marubeni Growth Capital US (MGCU), an equity investment platform in the US and a wholly-owned subsidiary of Marubeni Corporation.

RG Barry Brands founder Florence Melton introduced foam to footwear when she created the Dearfoams brand in 1947. Today, RGB is a consumer-driven, multi-brand management platform. RGB’s foundation consists of strong brands and a management team led by chief executive officer, Bob Mullaney.

The company said in a release that since joining the company at the end of 2017, Mullaney has successfully transformed a transactional business into a strategic brand platform producing double-digit compound annual revenue and EBITDA growth. RGB portfolio includes Dearfoams, Baggallini, Columbus Product Group and Planet A.

“Partnering with MGCU and Marubeni, who are positioned to make strategic investments in growth companies aiming to scale, is a testament to the strength of RGB and the unwavering commitment of our team,” said Mullaney.

“This strategic deal unlocks enormous potential to apply the RGB way to new brands and to bring sustainable innovation to footwear, accessories, and adjacent categories,” he added.

The company added that the acquisition will empower RGB’s growth through strategic investment in the Dearfoams, Baggallini, and Planet A brands. Additionally, it will enable RGB to leverage its operational capabilities to drive growth through targeted acquisitions.

“”By supporting RGB’s strategic initiatives and a strong management team, we are not only fostering their continued success but also strengthening our own portfolio and commitment to innovation,” stated Toshihiro Fukumura, executive officer, chief operating officer, Next Generation Corporate Development Division.

After the takeover was completed on June 4, 2024, Blackstone exited its ownership position and Mill Road Capital continues to maintain a minority equity stake.