Permira Advisers LLP, the London-based private-equity firm that owns clothing brand Hugo Boss, agreed to buy British boot maker Dr. Martens for 300 million pounds ($486 million).
The buyout firm will acquire the Northampton, England-based boot maker’s parent company, R. Griggs Group Ltd., the company said in an e-mailed statement today. The transaction is scheduled to be completed in January.
“Permira Funds have expertise in backing global brands, demonstrated with Hugo Boss and Valentino,” Cheryl Potter, partner and head of the consumer team at Permira, said in the statement. “We are looking forward to supporting the management team in this exciting next phase.”
Dr. Martens boots, known for their thick, air-cushioned sole, gained popularity in the 1960s and spread to punk-music fans and rock stars including The Who’s Pete Townshend. The footwear is sold in 63 countries, the company said.