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Dr Martens sold for £300m

Footwear brand Dr Martens has been bought by an investment vehicle backed by private equity firm Permira Funds for £300m.

Permira, which owns brands including Hugo Boss and New Look, has agreed to acquire R Griggs Group, the parent company and licensee of the Dr Martens brand. It is expected that the deal will be completed in January next year.

Rumours had been rife this week that a deal was imminent. The business was put up for sale in February 2012 with reports following in June that the owners were looking for £200m for Dr Martens.

In a statement Dr Martens chief executive David Suddens 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.”

Cheryl Potter, partner and head of the consumer sector team at Permira added: “Dr Martens is an iconic brand with a passionate 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.”

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