Goldner Hawn buys Wisconsin shoe maker
Minneapolis / St. Paul Business Journal - by The Business Journal of Milwaukee
Allen-Edmonds Shoe Corp. has been acquired by Minneapolis private equity firm Goldner Hawn Johnson & Morrison Inc.
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 manufacturers premium men's footwear and is one of the last remaining shoe manufacturers with production operations in the United States.
"Bright days lie ahead for Allen-Edmonds," Stollenwerk said in a statement. "Goldner Hawn is an ideal partner based on their demonstrated success in taking privately held companies to the next stage by devoting the talent and resources to grow brands while maintaining strong cultures of quality and customer service. Our management team looks forward to this next chapter of Allen-Edmonds's rich history."
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 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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