Port Washington-based Allen Edmonds Corp said it would be purchased by an affiliate of Los Angeles-based private equity firm Brentwood Associates. Financial details for the transaction were not disclosed. The shoe manufacturing and retail company would continue to be an independent private company after the acquisition. Allen Edmonds President and Chief Executive Officer Paul Grangaard said the firm's management team would also be retained.
Grangaard told Milwaukee business news website BizTimes "They (Brentwood) are committed. They are really good people, and they like what we've been doing. This will just give us more fuel in the tank."
Grangaard said they planned to use the proceeds of the sale to add more staff to its workforce and increase it retail footprint in the US. The shoemaker already has 46 retail stores and had plans to open seven more next year. Grangaard added they also intended to open internationally in 2015.
Brentwood Partner Steve Moore said, "The Allen Edmonds brand fits perfectly with our strategy of investing in category-defining brands with exceptional customer loyalty."
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