LOS ANGELES--(BUSINESS WIRE)--Brentwood Associates (“Brentwood”), a leading consumer-focused private equity investment firm, today announced it has completed the sale of Allen Edmonds Corporation (“Allen Edmonds”), a vertically-integrated designer, manufacturer, marketer and retailer of men’s premium handcrafted leather footwear and accessories. Brentwood sold Allen Edmonds to Caleres (NYSE: CAL), a diverse portfolio of global footwear brands.
After acquiring Allen Edmonds in November 2013, Brentwood partnered with the senior leadership team, led by President and Chief Executive Officer, Paul Grangaard, to leverage the strength of the Allen Edmonds brand and execute an aggressive omni-channel growth strategy. Under Brentwood’s ownership, Allen Edmonds expanded its direct-to-consumer business significantly, increasing its store count from 45 in 2013 to 70 currently and growing its e-commerce business in excess of 20% per year. The company also invested heavily in targeted print and digital marketing and launched a new state-of-the-art e-commerce website that allowed the company to pursue a variety of innovative marketing initiatives.
Steve Moore, Partner at Brentwood, commented, “We’ve truly enjoyed our partnership with Paul and the Allen Edmonds team over the past three years. The Allen Edmonds brand has one of the most loyal and passionate customer bases we’ve encountered, and it’s been a pleasure to work with the team to help grow the brand across multiple channels of distribution. We believe the company is well positioned to continue its growth trajectory with its new partners at Caleres.”
Roger Goddu, Partner at Brentwood, added, "Brentwood has had the good fortune through the years of acquiring some high quality brands with rich histories that resonate well with consumers. With a strong generational heritage, Allen Edmonds has considerable potential ahead, and Caleres will be an excellent strategic owner in continuing the growth of the Allen Edmonds brand.”
“Brentwood has been not only an exceptional partner for our management team over the past three years, but also an outstanding steward of the Allen Edmonds brand. This successful transition to Caleres as our company's long-term home is in great part due to the value Brentwood has added during their ownership," commented Grangaard.
Brentwood and Allen Edmonds were represented in this transaction by Greenberg Traurig LLP.
About Brentwood Associates
Brentwood Associates is a leading
consumer-focused private equity investment firm with a 30-year history
of investing in leading middle-market growth companies. Brentwood
focuses on investments in growing businesses where it is able to
leverage its extensive experience in areas such as: branded consumer
products; multi-location strategies; direct-to-customer marketing,
including direct mail and e-commerce; niche brands with specialty
distribution; education; and business services. Since 1984, Brentwood's
dedicated private equity team has invested in over 50 portfolio
companies with an aggregate transaction value of over $6 billion. With
significant experience in both investing and brand building, Brentwood
is a value-added partner with entrepreneurs and senior management teams
building world-class companies. For more information about Brentwood,
please visit www.brentwood.com.
About Allen Edmonds Corporation
Founded in 1922, Allen
Edmonds Corporation is a U.S.-based retailer of premium men’s footwear,
apparel, leather goods and accessories with a focus on American
manufacturing. Allen Edmonds’ famous Goodyear welted shoes are
handcrafted in Port Washington, Wisconsin using a 212-step production
process. Consistent with the company’s heritage, Allen Edmonds remains
committed to providing excellent products at exceptional value for style
and quality conscious men worldwide. By partnering selectively with
like-minded U.S. manufacturers, the company’s offering includes men’s
clothing and accessory needs from head to toe. Allen Edmonds products
are available at premier stores worldwide, including 70 company-owned
Allen Edmonds stores across the United States, and online at www.allenedmonds.com.
About Caleres
Caleres is a diverse portfolio of global
footwear brands, which fit people’s lives: Family, Healthy Living and
Contemporary Fashion. Our products are available virtually everywhere -
in the over 1,200 retail stores we operate, in hundreds of major
department and specialty stores, on our branded e-commerce sites, and on
many additional third-party retail websites. Famous Footwear and
Famous.com serve as our Family brands. Our Contemporary Fashion brands
include Sam Edelman, Franco Sarto, Vince, Via Spiga, George Brown Bilt,
Diane von Furstenberg, Fergie Footwear and Carlos Santana. Naturalizer,
Dr. Scholl's, LifeStride, Bzees and Rykä represent our Healthy Living
brands. Combined, these brands help make Caleres a company with both a
legacy and a mission. Our legacy is our more than 130-years of
craftsmanship, our passion for fit and our business savvy, while our
mission is to continue to inspire people to feel good…feet first. Visit caleres.com
to learn more about us.