PE Firm Buys Sandal BrandMonday, January 9, 2017
Courtney Group Inc. in Newport Beach acquired sandal brand Flojos from Conscious Corp. in Thousand Oaks on undisclosed terms.
“Our strategy will include expanding the men’s division, bringing back limited edition styles, including some of the original sandals from Mexico and expanding internationally,” said Tom Courtney, president of Courtney Group, which invests up to $100 million in U.S.-based consumer, chemical, healthcare, manufacturing and technology companies with revenues of $10 million to $500 million.
Flojos flip-flops, sandals and shoes are sold at Tillys, Flip Flop Shops and at more than 1,800 surf retailers nationwide. The company was founded in the early 1970s by the Santana family in Guadalajara, Mexico. Nellie and Sheng Yen Lin acquired it in 1996.
John Dickinson, an investor, will lead the brand as chief executive.
“As one of the original sandal companies, Flojos has strong brand recognition which was attractive to us,” Dickinson said in a statement. “The brand was doing well, the owners just wanted to retire and leave the brand with someone who could build upon the heritage. We see a tremendous opportunity to expand not only here in the U.S., but the international opportunities are equally great.”