Northamptonshire footwear firm Dr Martens sold for £300m

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One of Northamptonshire’s most famous footwear brands has been sold for £300m to a private equity firm.

Permira Funds, owner of Hugo Boss and New Look, has bought R Griggs Group, the parent company and licensee of the Dr Martens brand. The deal is set to complete in January 2014.

R Griggs Group Chief Executive David Suddens said: “Permira was the chosen partner to acquire the Dr Martens business because they share the current owners’ passion for the brand and want to respect and nurture its heritage.”

Cheryl Potter, Partner and Head of the Consumer Team at Permira, added: “Dr Martens is an iconic brand with a solid 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.”

Wollaston-based Dr Martens is a global footwear brand with a distinctive British heritage, known for its iconic design and as a symbol of sub-cultural rebellion.

The globally recognised brand, supported by fashion, music and celebrity advocates and fashion brand associations, is sold in 63 countries, principally in the US, Asia, Europe and the UK. The company operates a multi-channel distribution model, including its owned and operated stores, ecommerce, concessions, franchises, wholesale and third party distribution.