Exaltare Capital ManagementLLC announced on April 24, 2023, that it acquired GF Midwest Inc., one of the largest developers and operators of the Good Feet Store franchise. Exaltare collaborated with financing partners Genesis Park and Tecum Capital, who provided debt and equity capital for this acquisition.

GF Midwest was founded by Arnold Pereira and currently operates 23 retail locations in the Good Feet Store system. According to the announcement, Periera will continue to serve as the chief executive officer of the company and remain a significant shareholder.

Exaltare has a proven track record in the franchising space. Previously, Exaltare grew its Planet Fitness investment from 15 units to 108 through the COVID-19 public health emergency before selling its controlling stake in 2021. Exaltare also invested in the Urban Air franchise system with parks in Florida, Texas and Oklahoma.

Exaltare Capital Management LLC, headquartered in Boston, is a Black-founded private investment firm led by Omar Simmons with a focus on franchise and multi-unit investments.

GF Midwest Inc., headquartered in Milwaukee, operates 23 Good Feet stores serving customers by selling proprietary arch supports to alleviate pain and increase performance or comfort.

Genesis Park, headquartered in Houston, is a private credit and equity investment firm and its current fund is licensed as a small business investment company by the U.S. Small Business Administration.

Tecum Capital Partners, headquartered in Pittsburgh, is a private investment firm focused on deploying capital to companies in the lower middle market.

Terms of the acquisition were not disclosed.