LONDON â€" Adding to its stable of consumer brands, the private equity firm Permira agreed Thursday to acquire the British firm that owns the Dr. Martens footwear and clothing brand in a deal valued at £300 million, or $485.3 million.
The deal to acquire the R. Griggs Group, the family business that owns Dr. Martens, is expected to be completed in January.
The Griggs family had been making boots in Northampton in the English East Midlands since 1901, but created the Dr. Martens brand in 1960 when the family collaborated with two German inventors of a new type of air-cushioned sole. Their boots quickly became synonymous with British rock ’n’ roll and counterculture.
“The Permira funds respect that heritage, and want to support the management team in nurturing it,†David Suddens, chief executive of Dr. Martens, said in a statement.
The acquisition adds another strong 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 Cheryl Potter, head of the Permira’s consumer team.
Barclays acted as Permira’s adviser, while Rothschild Group advised R. Griggs on the deal.
