Dive Brief:
- Dancewear brand Capezio has been acquired by private equity firm Argand Partners, according to a press release Monday. Financial terms weren’t disclosed.
- The Terlizzi and Giacoio family have owned Capezio since its founding in 1887. Under the deal with Argand, several family members, including CEO Michael Terlizzi, will remain invested in the company, per the release.
- Argand plans to develop new product lines and establish licensing agreements. In the release, the firm said this strategy can maintain the family legacy while also modernizing the brand “to achieve long-term growth.”
Dive Insight:
Capezio designs and manufactures footwear, apparel and accessories for dancers and athletes. The Totowa, New Jersey-based company’s customer base is primarily in North America and has a growing presence in Europe, Australia, Brazil and Asia, per the release.
The acquisition marks a change in Argand’s portfolio, whose other holdings include carpet manufacturer Brintons, water systems company Oase and keyboard manufacturer Cherry.
Argand said it typically buys niche market leaders based in the U.S. in the manufacturing, distribution and business services industries. Capezio is Argand’s first foray into the fashion sector.
Capezio started as a shoe repair shop near the Metropolitan Opera House in New York. It eventually became the official shoe maker for the opera house, specializing in ballet pointe shoes. The brand entered the fashion mainstream in the 1940s, when department stores such as Lord & Taylor and Neiman Marcus began purchasing and promoting some of its jazz and tap shoe styles as fashion footwear.
Since the 1980s, the brand’s shoes, leotards, dance tights and leg warmers have become popular with celebrities including Taylor Swift, Lady Gaga and Beyoncé.
