Caleres (NYSE: CAL) has purchased Allen Edmonds Shoe Corp., a U.S. manufacturer of men’s leather footwear and accessories, in a $255 million deal from private equity firm Brentwood Associates. The deal for Allen Edmonds will allow the combined company to benefit from brand and product development, as well as material sourcing.
Allen Edmonds was founded in 1922 to create custom-made men’s dress and casual shoes. The target’s shoes use only “premium” leathers that repel moisture and hold shape. The shoes are all handcrafted using a 212-step process from its factory on the shores of Lake Michigan in Port Washington, Wisconsin. In addition to shoes, Allen Edmonds manufactures belts, breifcases, backpacks, travel bags, cufflinks and lapel pins, wallets and money clips, umbrellas, bar ware, pens and eyewear.