How CCMP Led the Turnaround of Shoes For Crews: PE, Restructuring & Growth

The 2015 acquisition by CCMP Capital was the beginning of a long private equity-backed phase for Shoes For Crews. CCMP’s deal—purchasing the company from AEA Investors and Audax Private Debt—featured the Smith family’s partial rollover of ownership. Although the exact purchase price was not publicly disclosed, a valuation in nearby reports during the AEA sell-side process placed the company near $700 million. [2][3][1]

Shoes For Crews’ core business remains focused on B2B contracts in sectors with significant slip-and-fall risk—restaurants, industrial, healthcare—where it supplies large chains using proprietary slip-resistant rubber technology. Its dominance in the U.S. restaurant vertical is evidenced by serving 92 of the top 100 chains. [1] The 2023 revenue breakdown showed B2B representing approximately 76% of total revenue, with direct-to-consumer (DTC) and retail accounting for a smaller share. [4]

However, structural vulnerabilities emerged during the COVID-19 pandemic and its aftermath: demand dropped in hospitality, inflation raised costs of goods and labor, and shifts toward online channels and loss of foot traffic impacted brick-and-mortar and B2B channels alike. These strains led to a liquidity crisis by Q4 2023, with liabilities between $500 million to $1 billion, and necessitated Chapter 11 restructuring. [4]

The 2024 restructuring significantly changed the ownership and capital structure without altering management or operations. CCMP, Shoes For Crews’ primary equity sponsor, supported the process alongside first- and second-lien lenders. The stalking horse credit bid by first-lien lenders resulted in a sale of assets, eliminating more than $300 million in debt and establishing a new credit facility. The ownership transitioned to a group of global investment firms (mostly existing lenders), while international operations remained outside the U.S. bankruptcy process.[1][6]

Leadership transition in early 2025, with Chris Quinn taking over as CEO from Donald Watros, reflects an important phase: post-restructuring reset combined with leadership continuity. The question is whether the company can sustain growth, especially by leveraging its B2B strength and international operations, while managing cost pressures and preserving innovation. [5]

Strategic implications include: how the company positions itself in a post-pandemic market; whether it can grow retail and DTC channels to diversify revenue; the role of new ownership in investing in technological or product innovations; and whether there might be further restructuring in supply chain or manufacturing to keep margins up. Key open questions involve valuation of the restructured equity, the prospects for organic or inorganic expansion, and how macro factors such as inflation, labor costs, and shifts in workplace safety regulations will impact performance.