Greetings again!
I’m often asked why I fall behind on my blog. This
time I have a decent excuse, beyond the normal one … my day job.
Our majority shareholders since 2006 – Goldner Hawn Johnson
& Morrison, a private equity firm in Minneapolis -- have been nearing the
end of their investment time horizon. Sometime this year or next was
going to be a good time for transition, which can always be a bit
nerve-wracking for employees as well as concerned customers. Thus, for
the past several months, our CFO and I have been traveling coast to coast,
telling the Allen Edmonds story to potential new investors and searching for
the right new partners. We’ve had some great
views from conference rooms overlooking Rockefeller Plaza in NYC, the
beachfront park in Milwaukee plus a huge expanse of Lake Michigan on a gorgeous
August day, and a glorious panorama of San Francisco Bay from the Bay Bridge to
the Golden Gate. Still, my favorite view remains the AE factory
floor in Port Washington, Wisconsin, where our people are handcrafting STRANDS
and all the other great shoes we’re doing these days. Staying “full speed
ahead” as an independent company is just one reason why I’m so thrilled with
the outcome of this “strategic alternatives” process.
The link below is to a press release that describes the
transition in ownership of Allen Edmonds Corporation to Brentwood Associates,
an investment firm from Los Angeles that is an expert in consumer products and
retailing. Brentwood is a really excellent partner for us. They’ve
helped a number of impressive companies reach greater levels of achievement,
and they will be excellent sounding boards and stewards of Allen Edmonds.
The partners of Brentwood also are our kind of people – there’s a strong
cultural fit between our two organizations.
Allen Edmonds’ commitment to Made in USA manufacturing, our
leadership team, our product development people, our customer service team and
philosophy --- none of that changes now with new ownership. We will,
however, benefit significantly from Brentwood’s experience and insights as we
continue to build this 91 year old American success story. It’s an
exciting time at Allen Edmonds.
Thank you for all of your support. Without our
incredibly impressive customers, we wouldn’t be here. Know that we
appreciate your business and interest a great deal.
Best wishes,
Paul
