Capezio is changing hands after more than a century of family ownership.
On Thursday, Argand Partners LP, a New York-based middle-market private equity firm, revealed its acquisition of Ballet Makers Inc., the parent company of the venerable dance brand.
Terms of the transaction were not disclosed.
Founded in 1887, Capezio designs and manufactures premium and highly technical footwear, apparel, and accessories that support dancers and athletes of all ages. Headquartered in Totowa, N.J., the company has been owned by the Terlizzi family for nearly 140 years.
Under the terms of the deal, the family will retain an ownership stake and a number of key family members, including chief executive officer Michael Terlizzi, will remain with the company.
“Capezio has built an incredible brand heritage, reflecting a unique understanding of dance market trends, and a true appreciation of its core customers,” Argand said. “Capezio is regarded for authenticity, quality, superior craftsmanship and classic design of its products. The company has established itself as a top player across its key business segments and serves a loyal customer base in North America, with a growing presence in Europe, Australia, Brazil and Asia.”
Under its new ownership, Argand said it will “accelerate” Capezio’s growth while remaining true to its heritage. Plans call for developing new products, creating collaborations and licensing deals with strategic partners and continuing to build deep connections within the dance community. “We believe this strategy will not only maintain the longstanding family legacy and company culture, but will also modernize the company in order to achieve long-term growth,” Argand said.
“Argand and its advisers have built a strong relationship with our management team over several months and we are delighted to formalize their partnership to build off of over 140 years of commitment to the dance community,” said Terlizzi, who is the fifth generation of the family to work in the business. “The Argand team brings a complementary skillset to our business and our team is excited to be part of the Argand portfolio.”
Joyce Schnoedl, partner at Argand Partners, added: “We are delighted to invest in this iconic brand that has, since its inception, helped to instill a love of dance and appreciation of the art among dancers across the world. As a dancer myself and consumer of the Capezio brand for several decades, I have a deep personal connection and commitment to the company. We look forward to supporting Capezio’s next phase of growth.”
Tom Nastos, a longtime fashion executive and adviser to Argand in the transaction, said: “Capezio is a renowned brand with a rich history of excellence in dance and performance products. Under Argand’s stewardship, we are committed to upholding this legacy while introducing innovative products to expand Capezio’s offerings. Our goal is to blend tradition with innovation, ensuring that Capezio continues to be an iconic brand in the industry and respected by performers worldwide.”
Jeremiah Wanzell of Growth Mindset Advisors introduced the deal to Argand and the Meriwether Group acted as the sell-side adviser to Capezio.
Argand, which has offices in San Francisco and Miami in addition to New York, invests in companies that are leaders in niche markets in the U.S. and globally. Its current portfolio includes Brintons, a woven carpet brand; Oase, a water design systems and technology company; Midwest Can, a manufacturer of portable fuel containers; Cherry, a keyboard switch technology firm for gaming and computing, and others. This is its first move into apparel and footwear.