Private equity executive takes over Allen-Edmonds
The Business Journal of Milwaukee - by Rich Kirchen
Mark Birmingham has left Allen-Edmonds Shoe Corp. as president and chief executive officer and has been replaced by Paul Grangaard, a managing director with Goldner Hawn Johnson & Morrison Inc., the Minneapolis private equity firm that bought the company in 2006.
Both Birmingham and Grangaard could not immediately be reached for comment. However, Grangaard’s assistant at Goldner Hawn confirmed that he has been named the CEO of Allen-Edmonds, the Port Washington-based high-end men’s shoe maker.
Grangaard has been serving on the board of Allen-Edmonds. He joined Goldner Hawn in 2005 and previously worked at Minneapolis-based investment banking firm Piper Jaffray in corporate finance and investments, according to the Goldner Hawn Web site.
Goldner Hawn Johnson & Morrison acquired a majority interest in Allen-Edmonds in July 2006 from majority owner John Stollenwerk for $123 million.
Birmingham, a native of Fox Point and a University of Wisconsin-Milwaukee alum, joined Allen-Edmonds in 1998 to oversee manufacturing at two plants. He also served as director of retail operations and director of wholesale operations and was named chief operating officer in 2003. He was named CEO when Goldner Hawn bought the company.
Allen-Edmonds has not been immune from the economic downturn. Birmingham said this summer the company was postponing a plan he previously announced to expand its manufacturing capacity, possibly in Port Washington.
At the time of the ownership change, executives with both Goldner Hawn and Allen-Edmonds said they would focus on growing the business rather than cutting costs to achieve the returns demanded by private equity investors.
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