Allen Edmonds sold to Caleres

St. Louis-based firm pays $255 million

High-end men’s shoemaker Allen Edmonds Shoe Corp. has been acquired by a St. Louis footwear company that owns Famous Footwear, Naturalizer and other brands.

Caleres Inc. said Tuesday it has purchased Port Washington-based Allen Edmonds for $255 million from Brentwood Associates, a Los Angeles private equity firm that bought the company three years ago.

“The addition of Allen Edmonds to the Caleres brand portfolio allows us to rapidly increase our exposure in men’s footwear, solidifying a new revenue stream to drive overall growth,” Diane Sullivan, chief executive, president and chairman of Caleres, said in a statement.

“Allen Edmonds is a strong brand operating with a proven business model and we feel it is well-positioned for growth.”

Caleres adds Allen Edmonds to its men’s footwear roster of George Brown Bilt, Vince and Dr. Scholl’s Shoes.

Founded in 1922, Allen Edmonds is one of the few remaining American shoemakers.

At the time of its sale to Brentwood in 2013, it had 1,000 employees, about 450 of them at its headquarters in Port Washington.

Today, Allen Edmonds has 1,050 employees, according to Caleres.

Paul Grangaard, president and CEO of Allen Edmonds, will join Caleres along with all 1,050 employees.

“We’re really excited about the opportunity to work with the resources of a much bigger company to build this great brand and continue to build employment around the country and here in Wisconsin,” Grangaard said in an interview.

Sullivan said there currently are no plans to relocate any of Allen Edmonds’ operations.