These boots are made for walking – Dr. Martens in £300m buyout deal

An investment vehicle backed by buyout giant Permira has agreed a £300m deal to acquire R Griggs Group Ltd, the parent company and licensee.

Founded in 1960, the Dr. Martens boot has been stamped on successive generations of teenage rebellion.

Elton John wore an oversized pair as the Pinball Wizard in rock opera Tommy and Alexei Sayle, the skinhead alternative comic, sang an ode to the boots in 1980s hit TV series The Young Ones.

David Suddens, chief executive of Dr. Martens, 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.”

Dr. Martens is headquartered in Northamptonshire on the site of the original factory, though most of the manufacturing now takes place overseas.

The brand is sold in 63 countries, principally in the US, Asia, Europe and the UK. It has a shop in Leeds.

Cheryl Potter, partner and head of the consumer sector team at Permira, 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.

The deal is expected to complete in January 2014.

Permira advises funds with a total committed capital of approximately E22bn.