Permira acquires Dr Martens for £300m


martensPrivate equity firm Permira has agreed to acquire British footwear brand Dr Martens in a £300m deal.

Earlier this month it was reported that Permira, which also owns a stake in Hugo Boss, was in advanced takeover talks with owner R Griggs, the parent company and licensee in perpetuity of the Dr Martens brand.

Dr Martens is currently sold in 63 countries, principally in the US, Asia, Europe and the UK.

Permira partner 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.”

The private equity firm used to hold a stake in fashion group Valentino, which was sold to a Qatari investor in July 2012.

Permira reportedly expects to close its latest fund on €5bn in January, ahead of its original April deadline.

In April this year, Permira lowered the target for the Permira V fund to between €4bn and €5bn from €6.5bn.

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