Caleres on Tuesday announced it has acquired Allen Edmonds, a men’s footwear retailer, for $255 million.
The purchase by Caleres, the St. Louis-based footwear company formerly known as Brown Shoe Co., increases its presence in the men’s footwear market, the company said in a release.
Wisconsin-based Allen Edmonds is owned by Brenwood Associates, a Los Angeles-based private equity firm.
The acquisition, which Caleres is funding with cash and its revolving credit agreement, is subject to certain adjustments, the company said. A closing date has not been announced.
Caleres is expected to reveal more details on the deal at its fourth quarter earnings call.