Port Washington, Wis. -- Upscale men’s shoemaker Allen Edmonds Corp. has agreed to be acquired by an affiliate of Brentwood Associates, a Los Angeles based private equity firm. Terms of the transaction weren't immediately disclosed.
Brentwood will take over the company from Minneapolis-based Goldner Hawn Johnson & Morrison, which bought Allen Edmonds in 2006.
Allen Edmonds will remain an independent private company, according to its president and CEO, Paul Grangaard. He said the company will now have greater access to investment capital as a result of the ownership.
Grangaard also announced that the existing leadership team will remain with the company. He emphasized that Allen Edmonds remains completely committed to its "Made in USA" manufacturing strategy and its expanding Port Washington, Wis. production operation.
"The Allen Edmonds brand fits perfectly with our strategy of investing in category-defining brands with exceptional customer loyalty," said Steve Moore, Partner of Brentwood Associates, who leads the investment with Roger Goddu, another Brentwood partner. "Paul and his leadership team have been excellent stewards of the company over the past five years and have proven their ability to grow and strengthen the business even in difficult times. We are confident that tremendous growth lies ahead for the brand in both the U.S. and key international markets."
Allen Edmonds products are available at premier stores worldwide, including 45 company-owned Allen Edmonds stores across the United States.