Dr Martens Buyout by Permira
Established in 1960 the first pair of Dr Martens was made at its original factory in Northamptonshire and has since evolved into a British heritage brand recognised around the globe.
The £300 million deal puts the family owned Dr Martens brand under the same umbrella as Permira’s other acquired fashion businesses – New Look and Hugo Boss.
David Suddens, chief executive of Dr Martens, insisted there would be no change in the strategy of the company which employs 700 people globally, including approximately 350 in Britain.
Suddens stated: “They’ll leave the management to carry on doing what the management does. That’s what I like about private equity – it gives us the opportunity to have a good degree of autonomy.”
Under the terms of the deal, the Griggs family and Dr Martens’ management will retain a 20 per cent stake. The founding families of Dr Maertens and Dr Funck are entitled to an ongoing royalty on sales.
Cheryl Potter, partner and head of the consumer sector team at Permira commented: “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.”
The deal is expected to be completed in January 2014, and David Suddens will stay on as chief executive.
Image: red Dr Martens by Tanausu Herrera