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Dr. Martens acquired by Permira

By FashionUnited

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Dr. Martens announced in a press release that an investment vehicle supported

by Permira has, has agreed to purchase parent company and licensee of the British brand, R Griggs Group Limited for the sum of 300 million pounds.

Rumors had been circulating that Dr. Martens was in discussion with the private equity company for a 300 million pound takeover treaty. Today in a press statement, Dr. Martens confirmed these rumors and announced the takeover. CEO of the brand, David Suddens said: “The brand’s authenticity and the millions of customers who have used Docs as a symbol of self-expression for over a 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 has developed their brand image around the close bonds they share with the British working-class and subculture music, drawing inspiration from the rebel youth culture.

Cheryl Potter, Partner and Head of Consumer Sector Team at Permira agrees with Suddens statement and adds: “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 Permira Funds is dedicated to making long-term investments in international companies with the drive to improve the companies’ overall performance. It was speculated that Permira has been waiting to make a deal with R Griggs Group Limited to acquire Dr.Martens ever since previous negotiations were dropped after unexpected price differences between the parent company and its old potential buyers. Barclays was the financial advisor for Permira and Rothschild counseled Griggs Group during their negotiations. It is anticipated that the deal will be complete by January next year.

Dr Martens
Permira