Footwear brand and retailer Dr Martens has been acquired by an investment vehicle backed by private equity firm Permira Funds for £300m.
Iconic brand Dr Martens, which is based in Northamptonshire, was owned by R Griggs Group and is sold in 63 countries across the US, Asia, Europe and the UK. The deal is expected to complete in January 2014.
Dr Martens chief executive David Suddens said: “The brand’s authenticity and the millions of customers who have used Docs as a symbol of self-expression for over half a century are what makes Dr Martens unique. The Permira Funds respect that heritage, and want to support the management team in nurturing it.”
Permira partner and head of the consumer sector team Cheryl Potter said: “Dr Martens is an iconic brand with a passionate fan base of followers. The Permira Funds have extensive expertise in backing global brands, as demonstrated with Hugo Boss and Valentino, and we are looking forward to supporting the management team in this exciting next phase of the company’s development.”
Barclays acted as financial advisor to Permira while Rothschild advised R Griggs. Barclays is also the facility agent on the debt financing.