US-based Caleres has acquired men’s footwear and accessories firm Allen Edmonds from private quity company Brentwood Associates for $255m.
The transaction is subject to certain adjustments.
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Caleres CEO, president and chairman Diane Sullivan said: “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.
“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.”
Allen Edmonds president and chief executive officer Paul Grangaard said: “With nearly a century of heritage and innovation, Allen Edmonds is an ideal fit for Caleres.
“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 organisation.”
The transaction is being funded through existing cash and the firm’s revolving credit agreement.
In addition to the 1,200 retail stores, Caleres' products are available in hundreds of department and specialty stores, its e-commerce sites and many other third-party retail websites.
Founded in 1922, Allen Edmonds' products are available at 70 stores across the US and its website.
Image: Caleres buys Allen Edmonds. Photo: courtesy of Caleres.
