London-based private equity firm Permira has agreed to acquire R. Griggs Group, the British firm that owns the Dr. Martens footwear and clothing brand, for £300 million, or $485 million. The transaction is expected to close in January 2014.
Dr. Martens is a British footwear brand, which also makes a range of accessories including shoe care products, clothing, and luggage. The R. Griggs Group is owned by the Griggs family and has been making boots since 1901 in Northampton, UK. The family created the Dr. Martens brand in 1960 when it collaborated with two German inventors of a new type of air-cushioned sole. Dr. Martens’ boots quickly became synonymous with British rock ’n’ roll and counterculture (www.drmartens.com).
“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.
Permira is a European private equity firm with a total committed capital of approximately €22 billion. Sectors of interest include consumer, financial services, healthcare, industrials and, technology, media & telecommunications. The firm was founded in 1985 and is based in London (www.permira.com).
The acquisition of Dr. Martens adds another consumer name to Permira’s portfolio. The private equity firm has investments in Hugo Boss, the Spanish clothier Cortefiel and the British apparel retailer New Look. Permira sold the Valentino luxury brand to a Qatar wealth fund last year.
“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 Ms. Potter.
Barclays acted as financial advisor to Permira while Rothschild advised R Griggs. Barclays is leading the financing for this transaction as Facility Agent.
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-24-13
