Duty brand Shoes for Crews got a boost from private equity firm AEA Investors, the company announced on Wednesday.
The West Palm Beach, Fla.-based company, which makes shoes for the restaurant and hospitality industries, had been backed by Advent International since 2004. Under the terms of the deal, AEA Investors bought ownership interest from Advent and majority shareholders.
Company founders Chairman Stan Smith and CEO Matt Smith, as well as other members of the leadership team will remain in place, and Shoes for Crews will retain a significant ownership interest in the company, according to the statement.
“The investment from AEA is a testament to our accomplishments with Advent and to our future strategy,” said Smith.
To honor nonprofit Two Ten Footwear Foundation’s 70th anniversary, the WSA Show donated almost $70,000 earlier this week.
The show, owned by ENK International, gave $62 for every brand exhibiting at the event, held in Las Vegas from Aug. 9-11.
“We are especially pleased to honor Two Ten, an organization built upon a foundation of caring, serving the community through social services and educational programs to those in need,” said Elyse Kroll, chairman of ENK International, in a written statement.