An agreement was approved by the Allen Edmonds Corporation for its acquisition by one of the afflilates of Brentwood Associates. Brentwood Associates is a private equity firm established in 1972. The firm is well renowned for its investments in growth oriented consumer firms.
According to Allen Edmonds Corporation President and CEO Paul Grangaard, the firm would remain as an independent private company. Because of the acquisition, Allen Edmonds would have greater access to investment capital resulting from the successful ownership transition from Allen Edmonds former owners, Goldner Hawn & Morrison.
He added, "We're absolutely delighted to partner with Brentwood Associates as we drive the development of this 91-year-old growth company. This smooth transition provides us with the capital needed to continue building the Allen Edmonds brand, broadening our product line and taking our Made in USA products to new cities around the globe."
For its part, Brentwood Associates Partner Steve Moore, "The Allen Edmonds brand fits perfectly with our strategy of investing in category-defining brands with exceptional customer loyalty. 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 US and key international markets."
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