Shoes For Crews, a leader in slip-resistant footwear, has entered into a definitive agreement to be acquired by CCMP Capital Advisors LLC. 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 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 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 food service, 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, CEO, 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.