Rhode Island-based footwear manufacturer North American Shoe Co. announced that it had been acquired by Succession Capital Inc., a San Diego-based private equity firm focused on acquiring small to medium-sized businesses from owners looking to retire.
Established in 1918, North American Shoe Co. is a distributor of men’s, women’s and children’s footwear, including its own label and private label sourcing. With the assistance of its vendors, North American Shoe Co. also collaborates on footwear designs for some of its retail customers.
North American Shoe Co. joins Succession’s portfolio of 42 companies, and is the second footwear company acquired by the brand, including Toronto-based Baker Shoe Company, a full-service importer and distributor of shoes and accessories.
“We are thrilled to have acquired our second company in the footwear space and look forward to capitalizing on synergies where they exist,” said Brad Nathan, president of Lynx Equity, which owns Succession. “With nearly 100 years in existence, [North American Shoe Co.] has demonstrated its permanence in the marketplace, a product of strong fundamentals and the ability to be dynamic in an ever-changing industry.”