CCMP Capital Slips on AEA-backed Shoes For Crews
Middle-market private equity firm CCMP Capital Advisors LLC is acquiring footwear company Shoes For Crews from AEA Investors. Financial details were not disclosed. CCMP usually makes investments that are between $100 million and $500 million.
Shoes For Crews, founded in 1984, makes slip-resistant shoes for some of the largest restaurant chains including McDonald’s Corp. (NYSE: MCD), Burger King and Taco Bell. AEA bought the target in 2010 from Advent International.
Shoes For Crews, based in West Palm Beach, Florida, is not the only shoe retailer that received buyer interest in 2015. Coach Inc. (NYSE: COH) agreed to buy Stuart Weitzman for as much as $574 million and Berkshire Partners along with New Balance Athletic Shoe Inc. are purchasing the Rockport Co. from the Adidas Group (ETR: ADS) for $280 million.
Harris Williams & Co. and Fried Frank Harris Shriver & Jacobson LLP are advising Shoes For Crews. Weil Gotshal & Manges LLP is representing CCMP.