CCMP Capital Advisors LLC will acquire a controlling interest in Shoes For Crews, a slip-resistant footwear firm headquartered in West Palm Beach, the companies announced last week.
Shoes For Crews, which supplies 92 of the top 100 largest restaurant chains nationwide, strives to create a safer workplace in all industries where floor hazards are a bona fide concern during everyday operations. Using a unique rubber compound to produce slip-resistant footwear, it significantly reduces slip-and-fall accidents.
“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,” Rich Zannino, a CCMP managing director, said. “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.”
Supplying its proprietary products to the food service, industrial, health care and hospitality sectors, Shoes For Crews counts among its clients firms including McDonald’s, KFC, Burger King, Taco Bell, Nestle, Tyson and HCR ManorCare.
“We are confident that Shoes For Crews will continue to create safer workplaces and add value for customers, employees and stakeholders,” Zannino said.
The company’s founders, the Smith family, will rollover a portion of their equity as part of the transaction, expected to close in the fourth quarter of 2015.
“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,” Shoes For Crews CEO Matt Smith said. “We look forward to a strong and prosperous partnership with CCMP.”
CCMP, with offices in New York, Houston and London, specializes in middle-market buyouts and growth-equity investments of $100 million to $500 million in North America and Europe.