LONDON, United Kingdom — Permira Advisers LLP, the London- based private-equity firm that owns clothing brand Hugo Boss, is in advanced talks to buy iconic British punk-boot maker Dr. Martens, said a person with knowledge of the negotiations.
The buyout firm may pay about 300 million pounds ($485 million) to family-owned R. Griggs Group, which holds 91.5 percent, in a deal that would include the license to use the Dr. Martens brand, said the person, who asked not to be identified because the talks are private. An agreement could be reached as early as next month, the person said.
The acquisition would fit Permira’s strategy of buying well-known retail brands, including Hugo Boss and New Look. Dr. Martens boots, known for their thick, air-cushioned sole, gained popularity in the 1960s and ultimately spread to punk-music fans and rock stars including The Who’s Pete Townshend.
The talks were reported earlier by Sky News.
By Aaron Kirchfeld; Editors: Elizabeth Wollman, Ben Livesey