CCMP Capital Advisors LLC said Thursday it has agreed to buy a controlling stake in Shoes For Crews. Financial terms weren’t announced. The company’s founders, the Smith family, are rolling over a portion of their equity. West Palm Beach, Florida-based Shoes For Crews produces slip-resistant footwear.
NEW YORK and WEST PALM BEACH, October 1, 2015 — CCMP Capital Advisors, LLC (“CCMP”) and Shoes For Crews today announced that they have entered into a definitive agreement under which affiliates of CCMP will acquire a controlling interest in Shoes For Crews, the global leader in slip-resistant footwear. The company’s founders, the Smith family, will rollover a portion of their equity as part of the transaction.
Founded in 1984, Shoes For Crews has a unique rubber compound to produce slip-resistant footwear, significantly reducing slip-and-fall accidents. Through its superior technology, the company quickly became the industry leader and now supplies slip-resistant footwear to 92 of the top 100 largest restaurant chains in the U.S. The company has a diverse customer base including McDonald’s, KFC, Burger King, Taco Bell, Nestle, Tyson, HCR ManorCare and thousands of others. Shoes For Crews strives to create a safer workplace in all industries where floor hazards are a reality and supplies its products to the foodservice, industrial, healthcare and hospitality sectors.
“We are very excited to be partnering with Stan and Matt Smith on this acquisition and look forward to working with them and their highly talented team to build upon the strong platform that they have created. Shoes For Crews has a compelling value proposition and long-standing customer relationships, industry-leading proprietary technology, a unique business model, strong financial profile and numerous avenues to drive growth,” said Rich Zannino, a Managing Director at CCMP. “We are confident that Shoes For Crews will continue to create safer workplaces and add value for customers, employees and stakeholders.”
“We are proud of the business that we have built at Shoes For Crews and our long history of strong, consistent growth in sales and profits,” said Matt Smith, Chief Executive Officer of Shoes For Crews. “We believe CCMP is the ideal partner who will bring a unique skill set to help the company achieve its next phase of growth. We look forward to a strong and prosperous partnership with CCMP.”
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2015. Weil, Gotshal & Manges LLP advised CCMP on the transaction. Harris Williams & Co. is serving as the exclusive advisor to Shoes For Crews and Fried Frank is acting as legal counsel.
About Shoes For Crews
Shoes For Crews is the leading designer and marketer of slip-resistant footwear worldwide. Headquartered in West Palm Beach, Florida, Shoes For Crews began producing slip-resistant footwear in 1984. Through its superior technology, the company quickly became the industry leader. Shoes For Crews strives to create a safer workplace in all industries where floor hazards are a reality. The Shoes For Crews team’s focus is to deliver the ultimate in slip-resistant technology as well as classic and fashion styling, through a complete line of footwear designed to improve the “quality of life” of the working person by combining slip-resistance, comfort and durability into all the company’s products.
About CCMP Capital
CCMP Capital Advisors, LLC (“CCMP”) specializes in middle market buyouts and growth equity investments of $100 million to $500 million in North America and Europe. CCMP focuses on generating alpha through the operational transformation and growth of its portfolio companies. With offices in New York, Houston and London, CCMP invests in four primary industries: Consumer/Retail, Industrial, Chemicals/Energy and Healthcare. Selected investments under management include: Chaparral Energy, Eco Services, The Hillman Group, Infogroup, Jamieson Laboratories, Jetro Cash & Carry, LHP Hospital Group, Milacron, Newark Energy, Ollie’s Bargain Outlet, PQ Corporation and Pure Gym.