The powerhouse deal that was to bring together two of the most storied names in shoes is no more.
The Aldo Group and Camuto Group said today that their plans to merge — via a transaction that would have seen the former acquire the latter — are now off the table. The companies said the decision to no longer pursue the transaction was mutual and followed “careful consideration and thoughtful discussion” by both parties. The firms further noted that they plan to continue working together autonomously.
“The Aldo Group continues to be focused on growth,” CEO David Bensadoun said in a statement. “Despite not moving forward with the acquisition, Camuto Group will become a key strategic partner for us. Our two organizations have complementary strengths, capabilities and reach, and we look forward to partnering in ways that will grow both businesses.”
When they announced their plans to join forces in August, Aldo and Camuto said the new venture would significantly increase both companies’ capabilities and broaden their reach. They had also planned that the new company would continue to operate two distinct offices, one in Greenwich, Conn., where Camuto is based, and the other in Montreal, where Aldo is headquartered.
“Working with the team at the Aldo Group over the last several months has been a pleasure,” Camuto Group CEO Alex Del Cielo said today of the deal’s demise. “We have discovered many ways we can partner together and are excited about what the future holds for both organizations. We continue to believe that Aldo, under the leadership of David Bensadoun, and his strong executive team, will continue to flourish. We look forward to exploring ways to build a platform that will allow both companies to work together on a wide range of global opportunities.”
