An iconic Wisconsin brand is changing hands. Allen Edmonds, a maker of upscale mens shoes, has been sold to an affiliate of California-based private equity firm Brentwood Associates, according to the Milwaukee Journal Sentinel. Allen Edmonds, one of the nation’s few remaining shoemakers, will keep its headquarters in Port Washington. The 91-year-old firm had been owned since 2006 by the Minnesota firm of Goldner, Hawn, Johnson, and Morrison.
Terms of the deal were not disclosed, but former Goldner executive Paul Grangaard will stay on as Allen-Edmonds’ CEO. Grangaard took over the firm in 2008 and he’s credited with helping Allen Edmonds get back on track financially. The deal is expected to give Allen Edmonds greater access to investment capital. Grangaard said Brentwood is committed to the shoemaker’s growth strategy and has a similar corporate culture. The shoemaker has 1,000 employees, about 450 of them at its headquarters in Port Washington.