Allen-Edmonds sold to Minneapolis private equity firm
The Business Journal of Milwaukee
Minneapolis private equity firm Goldner Hawn Johnson & Morrison Inc. has acquired a majority stake in Allen-Edmonds Shoe Corp., the firms said Thursday.
Terms of the deal weren't released but a report by BusinessWeek Online states that Goldner Hawn paid more than $100 million to acquire the Port Washington men's footwear manufacturer from John Stollenwerk, who has owned the business since 1980.
"The quality behind every aspect of Allen-Edmonds made the company very attractive to us," Michael Sweeney, Goldner Hawn managing director, said in a statement.
"Our philosophy is to invest in established middle-market companies located in the Midwest with strong management and help them grow to the next level. Allen-Edmonds is a perfect fit."
Founded in 1922 in Belgium, Wis., Allen-Edmonds manufactures premium men's footwear and is one of the last remaining shoe manufacturers with production operations in the United States.
Allen-Edmonds employs approximately 700 workers in manufacturing facilities in Port Washington and in Lewiston, Maine; and in 26 company-owned stores. Allen-Edmonds also has relationships with many leading retailers such as Nordstrom, Saks Fifth Avenue and Marshall Field's.
Founded in Minneapolis in 1989, Goldner Hawn invests in established middle-market companies that have capable management teams, distinct market advantages and clear growth potential.
The approach of keeping management teams of acquired companies in place, and a history of holding investments for five years or more, is a part of Goldner Hawn's strategy. Goldner Hawn intends to maintain Allen-Edmonds existing plants and does not plan to cut any jobs, according to the BusinessWeek Online report.
Goldner Hawn has made 26 private equity investments through the company's Marathon Funds and has established long-term relationships with many of America's leading financial institutions to support its investments. Including the Allen-Edmonds acquisition, Goldner Hawn investments have total transaction values exceeding $2.5 billion. Its current investment fund, Marathon Fund V, has committed capital of $255 million.
Investments by Goldner Hawn in 2006 include Houlihan's Restaurants, Transport Corporation of America and Westlake (ACE) Hardware Stores. Goldner Hawn failed in a bid last year to acquire ShopKo Stores Inc., then an Ashwaubenon-based operator of discount department stores, convenience stores and neighborhood pharmacies. ShopKo was acquired by an affiliate of Sun Capital Partners Inc., a Boca Raton, Fla., private equity firm.
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