US footwear and accessories specialist Steve Madden has completed its acquisition of the privately held Schwartz & Benjamin, which specialises in the design, sourcing and sale of licensed and private label footwear.

Steve Madden says the deal presents an opportunity to expand the business by combing Schwartz & Benjamin's customer portfolio with its existing infrastructure.

Schwartz & Benjamin CEO Danny Schwartz, chief creative officer Barbara Schwartz, and president and COO Steve Shapiro will remain with the company.

The acquisition was completed for cash at closing plus an earn-out provision based on financial performance through January 31, 2023. The transaction, the terms of which were not disclosed, is expected to be neutral to earnings per share (excluding one-time transaction and integration costs) in fiscal 2017 and to be accretive thereafter.

Founded in 1923, Schwartz & Benjamin distributes its fashion footwear to wholesale customers, including better department stores and speciality boutiques, as well as the retail stores of its brand partners, which include Kate Spade, and Rebecca Minkoff.

Schwartz & Benjamin's trailing 12-month net sales as of 31 December 2016 were around US$87.6m.