Steve Madden Ltd. has acquired the privately held firm Schwartz & Benjamin Inc.

Schwartz & Benjamin is a manufacturer of private label footwear and was founded in 1923. The acquisition was completed for cash, and includes an earn-out provision based on financial performance through Jan. 31, 2023. Other terms of the transaction such as the purchase price were not disclosed. Steve Madden said the transaction is expected to be neutral to earnings per share in fiscal 2017, excluding one-time transaction and integration costs, and accretive thereafter.

The Schwartz & Benjamin executives will remain with the company to lead the business: Danny Schwartz, chief executive officer; Barbara Schwartz, chief creative officer, and Steve Shapiro, president and chief operating officer.

Schwartz & Benjamin’s brand clients include Kate Spade, Rebecca Minkoff, Alice + Olivia and Avec Les Filles. Steve Madded said the privately held firm’s trailing 12 month net sales as of Dec. 31, 2016, were $87.5 million.

Edward Rosenfeld, chairman and ceo of Steve Madden, said, “We see opportunity to expand the business by combining Schwartz & Benjamin’s strengths — which include premier execution in the design and sourcing of high-quality footwear, as well as a strong portfolio of brand partners — with our proven business model and infrastructure.”

Schwartz said he and his team look forward to creating footwear “for many years to come with the added support and resources of Steve Madden. Barbara and I are pleased that Schwartz & Benjamin will operate as a stand-alone business with its current management team and employees, resulting in the transaction being seamless to our valued clients and business partners.”