Allen Edmonds to be sold
After much speculation, Port Washington-based Allen Edmonds, a high-end shoemaker north of Milwaukee, will be sold to Brentwood Associates, a Los Angeles private equity firm, for an undisclosed amount. According to reports, Allen Edmonds’ current owner, private equity firm Goldner Hawn Johnson & Morrison, had been looking to sell the company for seven years. The new owner will reportedly keep the company and management staff, including CEO Paul Grangaard, intact. Over the past three years, Allen Edmonds has added about 250 workers, increasing its current Port Washington-based staff to 480. It’s on track to have its third record-setting year in a row, with anticipated sales in excess of $120 million. The sale is expected to close by the end of the year.