Dr Martens, the iconic British footwear brand, announces today that an investment vehicle backed by the Permira Funds has agreed to acquire R Griggs Group Limited, the parent company and licensee in perpetuity of the Dr Martens brand for £300m (approximately $ 485, 640,000).
David Suddens, CEO of Dr Martens explains “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.”
“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,” said Cheryl Potter, Partner and Head of the Consumer Sector Team at Permira.
The deal is expected to complete in January 2014.
Dr Martens is a global brand with a rich and diverse heritage and a contemporary relevance. Headquartered in Northants on the site of the original factory, it is sold in 63 countries, principally in the US, Asia, Europe and the UK. The company’s deep-rooted links with the working class, music, subcultures and self-expression have kept the brand at the forefront of youth culture for over 50 years.
By Lolita A. Alford