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Investment Fund Provenance Acquires 21% Stake In Insole Producer Enertor

An investment fund backed by former bosses of Diageo, the BBC and Debenhams "has snapped up a stake in a business that makes specialist insoles" for athletes such as Usain Bolt, according to Ben Harrington of the SUNDAY TIMES. Provenance Investment Partners has bought "a secret 21% stake in Enertor," which makes shoe inserts for top athletes, the U.K. Ministry of Defence and the National Health Service. The deal with Provenance values Enertor -- founded in '99 by husband and wife team Christopher and Bente Smith-Rewse -- at about £10M ($13.14M). Provenance was set up this year by Simon Henderson, a former partner at U.S. private equity firm TPG Capital. The company is looking to sell its insoles, which are worn and endorsed by Bolt, "on the high street and abroad" (SUNDAY TIMES, 7/24).

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