RG Barry Brands (RGB), owner of Dearfoams, announced on Wednesday it has been acquired by Marubeni Growth Capital US (MGCU), a consumer-focused growth equity investment platform and a wholly-owned subsidiary of Marubeni Corporation.

Terms of the deal were not disclosed.

The deal marks “a significant milestone for RGB, positioning the company for accelerated organic and inorganic growth,” according to a press release from the brand management firm.

Founded in 1947 by Florence Melton, RGB launched with a range of comfortable lifestyle products under the Dearfoams brand. Today, Dearfoams has evolved into the leading slipper brand in the United States, expanding its product line to include comfortable footwear and various lifestyle products.

“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 chief executive officer, Bob Mullaney, who joined RGB in 2017.

“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. We are very excited to partner with MGCU and Marubeni, and to realize RGB’s boundless potential.”

In 2011, RGB went on to acquire Baggallini, broadening its focus to create a platform of brands that offer Earth-first, solution-oriented products. Today, RGB brands include Dearfoams, Baggallini, Columbus Product Group, and Planet A.

With the acquisition, RGB said it will capitalize on its core assets to develop new capabilities that utilize ecological innovation to accelerate business. The deal will also fuel 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.

“Investing in RGB is a strategic milestone for Marubeni and signifies a unique opportunity to align with an industry leader,” stated Toshihiro Fukumura, executive officer, chief operating officer, Next Generation Corporate Development Division, which formed Marubeni Growth Capital US in 2023.

“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.”