AEA Investors Tries On Shoes for Crews
AEA Investors has agreed to acquire Shoes for Crews, a West Palm Beach, Fla.-based maker of slip resistant footwear for restaurant workers. Sellers include Advent International, which acquired a minority stake in 2004. We first reported on the deal back in April, when ten prospective buyers had submitted bids in excess of $250 million. That type of pricing would have produced a 7x or 8x EBITDA multiple for Advent, which invested $30 million as part of a larger recap -- including $32 million in senior debt -- at an enterprise value of around $120 million. AEA's auction victory was first disclosed in an FTC filing, and the firm has not yet responded to messages left by peHUB. Advent declined to comment.
19 July 2010•1 min read
