Dress shoe company Allen Edmonds exploring sale of firm: sources
(Reuters) - Men's dress shoe company Allen Edmonds is exploring a sale of the company, according to two sources familiar with the matter.
The Port Washington, Wisconsin-based company, controlled by private equity firm Goldner Hawn Johnson Morrison, has hired Robert W. Baird & Co to run the process.
A deal could value the company at $150 million to $200 million, the sources said.
Founded in 1922, Allen Edmonds sells its shoes through department stores like Nordstrom Inc (JWN.N) and Macy's Inc (M.N), as well as 38 company-owned retail stores. One of the few remaining American shoe companies, Allen Edmonds' shoes are handcrafted using a 212-step production process.
Minneapolis-based Goldner Hawn Johnson Morrison acquired the company in 2006.
Goldner Hawn Johnson Morrison could not be reached for comment. Baird declined to comment.
Allen Edmonds is among several footwear companies that have gone on the block over the past year.
In November 2012, Nike Inc (NKE.N) sold its Cole Haan brand to Apax Partners for $570 million.
In May 2012, footwear retailer Collective Brands Inc was purchased by a consortium including Wolverine Worldwide Inc (WWW.N), Blum Capital Partners and Golden Gate Capital for about $1.3 billion.
(Reporting by Olivia Oran in New York; Editing by Nick Zieminski)
- U.S. immigration protesters drop U.S. border blockade plan
- Exclusive: Angry with Washington, 1 in 4 Americans open to secession
- About 60,000 Syrian Kurds flee to Turkey from Islamic State advance |
- White House intruder was armed with knife: officials
- Exclusive: Iran seeks give and take on militants, nuclear program