LONDON — Permira, the private equity group and owner of brands including Hugo Boss and New Look, has agreed to acquire R Griggs Group, parent of the Doc Martens brand, for 300 million pounds, or $485.7 million at current exchange. The deal is expected the complete in January 2014.
Cheryl Potter, partner and head of the consumer sector team at Permira, said that the fund would support the management team "in this exciting next phase of the company’s development."
"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," said David Suddens, chief executive of Dr. Martens. "The Permira Funds respect that heritage, and want to support the management team in nurturing it."
The shoe brand, a symbol of rebellion and counter culture for decades, was founded by the Munich-based Dr. Klaus Maertens and his university friend Dr. Herbert Funck. From the beginning, it was manufactured by R Griggs in the U.K., controlled by the Griggs family, and the Maertens name was anglicized to Martens.