DSW Inc. announced the closing of its initial acquisition of Town Shoes Limited, the largest footwear and accessories retailer in Canada, for CAD$75.5 million (US $68.7 million) in cash. DSW Inc. acquired a 49.2 percent interest in Town Shoes from certain clients of Alberta Investment Management Corporation (AIMCo) and other minority shareholders. DSW Inc.'s initial stake provides 50 percent voting control and board representation equal to the primary remaining shareholder, Callisto Capital.
Peter J. Solomon Company served as financial advisor to DSW Inc.
As of May 15, DSW Inc. will operate 410 DSW stores in 42 states, the District of Columbia and Puerto Rico, and operates an e-commerce site, http://www.dsw.com, and a mobile website, http://m.dsw.com.
Town Shoes Limited is the largest specialty retailer focused on branded footwear products in Canada with 182 stores nationwide.