Private equity firm Permira Funds is buying the parent company of Dr Martens for £300 million (U.S. 485.7 million).
Permira is buying R Griggs Group Ltd., which owns Dr Martens. Dr Martens makes shoes, apparel and accessories that are sold in 63 countries.
“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,” says David Suddens, CEO of Dr Martens.
Permira, headquartered in London, has previous experience investing in retail with Hugo Boss AG and Valentino. The firm invested in both companies in 2007.
Barclays acted as Permira’s financial adviser, while Rothschild advised R Griggs. Barclays is also the agent on the debt financing.
For more on the retail industry, see “Retail M&A: Time-Tested Brands Sell.”