Griggs family sell Dr Martens brand for £300m
The Griggs family has sold its boots brand Dr Martens to private equity group Permira for £300m
It is arguably one of the most famous shoe brands in the world, enjoying associations with a wide variety of sub-cultures, from the rebellious Mods to the more mainstream Miley Cyruses of the world. But as of yesterday Dr Martens no longer enjoys the status of being a family-run firm.
The R Griggs Group Limited, headed by Dr Martens founder Bill Griggs, has been acquired by Permira Funds for £300 million. The deal will be completed in January 2014.
The Permira group acquired a stake in Italian fashion label Valentino in 2007 and controls German label Hugo boss
Under Permira, Northampton-based Dr Martens plan to open more stores and develop more styles after seeing strong growth in Europe, the US and China.
In 2012, Dr Martens posted sales of £160.4m and a pre-tax operating profit of £22.9m, which is expected to grow to more than £30m this year.
David Suddens, CEO 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.”