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Brentwood Associates 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.
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