Allen Edmonds has just contacted Ivy-Style.com with the news that it is being acquired by a private equity firm, with the announcement set to hit the newswire shortly.
Those who’ve had their hearts broken at the acquisition of quintessential American brands by foreign companies will be pleased to hear that the new owners are American, and the above image, with prominent flag, was included by Allen Edmonds in its email. The release is pasted below in its entirety. — CC
ICONIC U.S. MEN’S SHOEMAKER ALLEN EDMONDS
AGREES TO OWNERSHIP TRANSITION TO FUND CONTINUED GROWTH
Private Equity Firm Brentwood Associates Agrees to Acquire Allen Edmonds;
Retains Allen Edmonds’ Leadership and Continues “Made in America” Manufacturing Strategy
PORT WASHINGTON, WISCONSIN. (NOVEMBER 4, 2013) – Allen Edmonds Corporation has agreed to be acquired by an affiliate of Brentwood Associates, a Los Angeles based private equity firm founded in 1972 with a strong track record of successful investments in growth-oriented consumer companies. Allen Edmonds will remain an independent private company, according to its president & chief executive officer Paul Grangaard, and will now have greater access to investment capital as a result of a successful ownership transition from Goldner Hawn Johnson & Morrison of Minneapolis, the private equity firm that led the purchase of Allen Edmonds in 2006.
Grangaard also announced that the leadership team responsible for the company’s significant growth over the last five years 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. Allen Edmonds has been handcrafting shoes in communities just north of Milwaukee since 1922.
Funding Will Fuel Continued Growth
“We’re absolutely delighted to partner with Brentwood Associates as we drive the development of this 91-year-old growth company,” said Grangaard. “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.”
Allen Edmonds is coming off two consecutive record years and is on pace for a third in 2013. After Grangaard became CEO of Allen Edmonds in 2008, he assembled a senior leadership team of experienced insiders and key new hires. The team recommitted to a U.S. manufacturing and quality strategy. Recently it even began exporting its branded Made in America product to China. The growth has created over 250 new jobs in three years at the company headquarters, manufacturing and distribution facilities in Wis. and in its retail stores across the country.
“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.”
“We’re very excited to be working with Steve, Roger and the entire Brentwood team. They have proved to be tremendous, value-added partners in their past investments and we’re eager to call on their experience in consumer brands and multi-channel retailing,” said Grangaard. Roger Goddu added, “The Allen Edmonds brand represents extraordinary craftsmanship, and we will support the company in delivering the same high-quality products, service and value that Allen Edmonds customers have come to know and expect. We see fantastic potential for this company going forward.”