Capezio has been a cornerstone of dancewear since 1887. So when Argand Partners, a U.S.-based private equity firm with an interest in industrial-manufacturing and business services around the world, acquired the family-owned brand in April, some in the dance industry wondered what might change. After speaking with Capezio CEO Michael Terlizzi and Argand leaders, Dance Retailer News learned the partnership focuses on evolution rather than upheaval.
Why Capezio Chose Argand
According to Terlizzi, Capezio explored many potential partners in the lead-up to the acquisition. “We had opportunities globally,” he tells DRN. “We dismissed them because they didn’t understand our commitment to dance, to women, and our passion for family.” After a year of discussions with Argand, whose portfolio includes Sigma Engineered Solutions, which specializes in manufacturing industrial-metal components, and British luxury woven carpet company Brintons, Capezio realized the firm aimed to “augment, not reinvent,” Terlizzi says. “Once you get under the hood of Argand, you find fierce competitive dancers”—referring to Joyce Schnoedl, one of Argand’s partners who has danced since age 3 and captained her Harvard dance team—“and a very family-oriented culture.”
Capezio was drawn not only to the firm’s similarities but also to its complementary differences. “For the majority of our staff and family, [Capezio] was their one and only stop,” Terlizzi explains. “We’re craftsmen, dancers, producers—not e-commerce experts,” he says. “Now we’re working with people whose expertise we couldn’t buy on the open market. It was a logical extension for us.”
Alongside areas like e-commerce, formalizing management was another key area where Capezio was eager to get Argand’s support post-acquisition. “When you’re in a family business, sometimes judgments and opportunities get clouded,” says Terlizzi. “[We were looking] for people who could formalize our structure, help us put things in logical order, and hold us accountable to our own goals. People who were extremely calm, and offered a suite of solutions, not just one. The solutions we were seeking involved management structure and increased international sophistication, let’s say.”
Despite Argand’s extensive support, five direct lineal descendants of the founding families continue to be involved in Capezio’s day-to-day operations. “They’ve done such an incredible job,” Schnoedl says of the family, adding that she’s taking a “You don’t want to fix what’s not broken” approach to the partnership. For her, it’s more about “opportunities to accelerate growth by leveraging things like technology to help [the business] be more efficient, effective, and reach customers.” Terlizzi adds that “I don’t think there will be any huge disruption you’ll notice in your world. You’re going to meet very enthusiastic new people—it’s one family now.”
Why Argand Chose Capezio
Two of those enthusiastic new people are Schnoedl and Tom Nastos, an advisor to Argand and a fashion and events professional with over 20 years of experience. His background in the broader apparel and footwear industry, combined with Schnoedl’s dance connection, played a key role in sparking Argand’s interest in the dancewear space. “We look for market leaders in their respective niches,” says Schnoedl, “and have spent a lot of time in and around businesses that cater to hobbyists and enthusiasts. We also like performance-related brands that are quite technical.”
Argand conducted extensive research, engaging with dancers, studios, and other key stakeholders to gain a deep understanding of the dancewear market and its trends before deciding to acquire and invest in Capezio. “There are very few truly global brands that cover nearly every product segment within dance,” says Schnoedl, referencing Capezio’s expansive portfolio, which includes highly technical footwear—from pointe to tap shoes—as well as legwear, bodywear, and accessories. “It really supports the broadest swath of dancers.”
Capezio’s tights in particular have recently gained mainstream attention, purportedly worn by pop stars such as Taylor Swift, Sabrina Carpenter, and Chappell Roan. When asked if Argand hopes this visibility will help the brand reach a broader, nondance audience to drive revenue, Schnoedl responds: “If our products appeal to the broader community, we would love that. But we remain committed to supporting the dance community and meeting the needs of our core dancers.”
What’s Next, and the Role Retailers Will Play
Looking ahead, international expansion remains a top priority. Capezio already distributes, and even tailors, products for markets outside the U.S.—including South America, the U.K., and Europe—but Terlizzi hopes Argand’s experience and connections will help the brand expand into the United Arab Emirates, Jordan, Saudi Arabia, and particularly Japan and Brazil (where dancers are, he says, “dying for the product”).
While no one can discuss specifics about new product launches just yet, there’s significant development underway. “There’s so much innovation at the company and so much of a desire to continue to strive for excellence that we were just really happy to find,” says Schnoedl. “We’re already starting to identify interesting gaps in products and in ways to better serve our customers.”
New products will be released across Capezio’s direct-to-consumer and e-commerce channels, but the company recognizes its wholesale accounts and retail partners as vital in introducing innovations. “Their passion and love to present…it would be very hard to articulate to someone how to fit a pointe shoe or properly wear a K360 [tap shoe without them],” says Terlizzi. Retailers also play a crucial role in providing Capezio with feedback on everything from service quality to product performance and category needs. “[Retail] is our core component in how we get to market,” Terlizzi adds.
More Dancewear Acquisitions in the Future?
Now, with Capezio under its belt and a newfound enthusiasm for dancewear, could Argand be eyeing more acquisitions in the space? “We did look at this acquisition as a potential platform,” says Schnoedl. “So whether, you know, we continue to grow organically or if there are some interesting mergers and acquisitions opportunities, those are options for us to consider. It would have to be a business that goes well and has a strong purpose to be combined with the company.”
We’ll have to wait and see what’s in store…
Emily May is the editor of Dance Retailer News.