Clayton, Missouri-based Caleres Inc. (NYSE: CAL), a diverse portfolio of global footwear brands, said it acquired Allen Edmonds, a U.S.-based maker of men’s premium handcrafted leather footwear and accessories, from Los Angeles-based private equity firm Brentwood Associates, for $255 million.
Founded in 1922, Allen Edmonds Corp is a retailer of premium men’s footwear, apparel, leather goods and accessories with a focus on American manufacturing. The company’s famous Goodyear welted shoes are handcrafted in Port Washington, Wis. using a 212-step production process. Allen Edmonds products are available at premier stores worldwide, including 70 company-owned Allen Edmonds stores across the United States, and online.
“The addition of Allen Edmonds to the Caleres Brand Portfolio allows us to rapidly increase our exposure in men’s footwear, solidifying a new revenue stream to drive overall growth,” said Diane Sullivan, CEO, president and chairman of Caleres. “Allen Edmonds is a strong brand operating with a proven business model and we feel it is well-positioned for growth. Not only does Allen Edmonds have brand equity and a loyal customer base, its appeal extends beyond this base to yet untapped consumers. We think we’ve acquired one of the great gems in men’s footwear.”
“With nearly a century of heritage and innovation, Allen Edmonds is an ideal fit for Caleres,” said Paul Grangaard, president and CEO of Allen Edmonds. “As part of the company’s Brand Portfolio, we’ll be sharing our men’s footwear knowledge and expertise, while simultaneously benefitting from the brand development, materials sourcing, product development and design capabilities inherent in a much larger footwear organization.”
“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,” said Steve Moore, Partner at Brentwood.
Caleres Inc., formerly Brown Shoe Co., is a global footwear company that owns and operates a variety of market-leading footwear brands. Caleres is a $2.6 billion footwear company with 11,000 employees and worldwide operations. The company operates the 1,100-store Famous Footwear chain. It also operates 100 specialty retail stores in the United States, Canada and China under the Naturalizer name.
Brown Shoe’s wholesale divisions own and market leading footwear brands including Naturalizer, LifeStride, Via Spiga, Sam Edelman, Connie and Franco Sarto. The company also owns licensed brands including Dr. Scholl’s, Carlos by Carlos Santana, DVF – Diane Von Furstenberg, Fergie Footwear and VINCE. branded footwear. The company was founded in 1875.