In a surprising turn, Capezio — the iconic dancewear brand that has been family-owned since its founding in 1887 — has been acquired by Argand Partners, a New York-based private equity firm. In the dance world, this signals both a dramatic turning point in the dancewear industry and a change to a family’s legacy. Capezio has long been one of the few remaining heritage dance brands tied to its founders, with a reputation deeply embedded in the culture and history of dance itself.
The phrase “private equity” can sometimes trigger fears of cold financial mathematics and stripped-down operations, but the principals behind this acquisition are working hard to present a different story. One of continuity, community and thoughtful growth.
“This wasn’t a sad moment — it was exciting,” says Michael Terlizzi, Capezio’s CEO and a member of the founding family. “We lost a lot of family members before and during COVID, including our patriarch. I’m 59 now, when we looked, there was nobody below us. Literally nobody below us. We thought about doing this, how to transition the business, how to get the growth out there. We looked at the next generation coming up, and the brand needed support to grow further, and Argand came in with spirit — not ego.”
The two sides had been in conversation for over a year before finalizing the deal. According to Terlizzi, Argand was not the highest bidder. “Honestly, we had better financial offers. But no one else brought the same enthusiasm, attentiveness and shared values. They cared deeply about the company and the community and there was a clear partnership for the family.”
That care, Terlizzi says, was evident from the beginning. No financial offers were even discussed until each side had fully gotten to know the other. “They didn’t walk in and try to change things. They walked in saying, ‘We can help you do this better.'”
Joyce Schnoedl, one of the partners at Argand and a trained dancer herself, echoes that sentiment. “Capezio was a huge part of my life growing up, and now it’s part of my daughters’ life,” she says. “I’ve been in private equity and investment banking for over 20 years, and this opportunity just felt natural.”
Schnoedl’s dance background is more than symbolic. She began ballet at age three, later captained Harvard’s Crimson dance team, and remains an active participant in the dance world. Her connection to Capezio is both personal and professional. “Dance is one of the most tightly knit, defined communities I’ve ever encountered,” Schnoedl says. “And communities need to be nurtured. Our goal is to be good stewards of the brand and to elevate what’s already working.”
The Capezio family, including the Terlizzis and Giacoios, are still deeply involved despite the shift in ownership. Michael Terlizzi will stay on as CEO, along four other family members in key roles across HR, product development, design and merchandizing, and event coordination. “There’s real value in being family-owned, but there’s also value in getting outside perspectives,” Terlizzi notes. “Argand is augmenting our team with professional insights, while letting us keep our culture.”
Argand’s investment theory isn’t about cost-cutting, Schnoedl insists. “We’re not trying to fix what isn’t broken. Our focus is on making Capezio’s products more available to more dancers, especially internationally. This is about growth — smart, sustainable growth.”
Part of that plan includes optimizing Capezio’s digital presence, supply chain and distribution. With advisors who bring deep expertise in digital strategy and global sourcing, Argand aims to help Capezio scale up without sacrificing quality.
Tom Nastos, a co-investor in the transaction with Argand Partners, brings a fashion industry lens to the project, with his vast experience in apparel and footwear. He is CEO of Endurance Footwear, CEO of ENK International fashion trade events, and CCO for Informa Fashion with events all over the globe. “What drew me to Capezio was the community aspect,” Nastos says. “This is a company that has shaped lives. Supporting that community is part of the value proposition.”
Still, change often brings anxiety — especially in a field as personal as dance. Teachers, studio owners and professionals may worry about shifts in quality or pricing. Terlizzi and Schnoedl both emphasize that there’s no agenda to overhaul the product line or raise prices unnecessarily. “We have very limited manufacturing capabilities in China,” says Terlizzi. “Price changes have been driven by Brexit, tariffs and transportation — not by some plan to gouge the customer. We’re committed to offering awesome products at fair prices. We’re still manufacturing in Totowa, New Jersey, and we’ve reopened a large portion of our factory in Florida. We source based on quality, not just geography.”
Schnoedl adds, “We’ve spoken with dancers, teachers and studio owners. We ask them what they want, what they need. Our focus is on innovation that serves the dancer first.” This includes expanding Capezio’s product lines to suit modern dance lifestyles — think rehearsal wear, convention apparel and crossover fitness gear. But Schnoedl is clear: “We’re not trying to turn Capezio into Lululemon. We want to grow within the authenticity of the brand.”
Capezio’s global footprint already spans continents, but Argand believes the brand can go further — with intention. “This isn’t a wipeout. This is an expansion,” Terlizzi says. “We went to market to find a way to grow our global presence while keeping our identity intact.” Schnoedl calls it a “dancer-first mentality,” a phrase that continually recurs with the Argand partners. “Capezio has always been about performance, consistency and integrity. Those values aren’t going anywhere.”
For longtime Capezio customers and the broader dance community, the message is clear: This is a partnership meant to invigorate — not annihilate. “The world is changing so fast,” Nastos says. “To serve artists, you need smart people who care about more than just margins. That’s what this team is about.”
In the end, the hope is that this next act in Capezio’s long history will bring the best of both worlds — heritage and innovation, artistry and enterprise. Whether that plays out in pointe shoes, character heels, or the next generation of hybrid dancewear, one thing is certain: all eyes in the dance world are watching. For the Capezio family, that legacy from 1887 moves onward — only now, with a few more hands onstage to help the show go on.
By Mary Carpenter of Dance Informa.
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