PORT WASHINGTON, WI (WTAQ) - A Wisconsin firm that has made shoes for every president since Ronald Reagan is getting a new owner.
Allen Edmonds said Monday it's been sold to a private equity firm in Los Angeles that's affiliated with Brentwood Associates.
Allen Edmonds will keep its headquarters in Port Washington. It had been owned since 2006 by the Minneapolis firm of Goldner, Hawn, Johnson, and Morrison. Terms of the deal were not disclosed.
Former Goldner executive Paul Grangaard will stay on as Allen Edmonds' CEO. He took over the firm in 2008, and helped it regain its financial footings.
Grangaard said Brentwood is committed to the shoemaker's growth strategy, and it has a similar corporate culture.
There's been recent speculation that Men's Warehouse would buy Allen Edmonds. Grangaard would not confirm companies that submitted losing bids.
Allen Edmonds was founded in 1922, and is one of just a few remaining high-quality shoemakers in America. It has around 1,000 workers. About 450 of them work in Port Washington.