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Doc Martens receives buyout offer from Permira

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Iconic British boot makers Dr Martens has received a £300m ($506 million) buyout offer from private equity firm Permira.

As the Telegraph reports, the majority owner of the company is the Griggs family. The owners first attempted to sell the company 15 months ago, but failed to secure an acceptable offer.

However, it is hoped that the current deal may be announced by the end of this month.

AAP reports that Doc Martens footwear was first made in 1960. Ever since, they have been adopted on and off by youth culture. Everyone from from Pete Townsend to Joe Strummer to Kurt Cobain has worn them.

If Permira is successful in its bid, the boots and shoes will join the Permira stable. Other brands within this group include Hugo Boss and New Look.

Any purchase will require the owners to pay a separate royalty fee to the brand inventors' families, Dr Klaus Maertens and Dr Herbert Funck. This follows a license deal which requires the buyer to pay a set 2.5 per cent of sales up to £200m a year and a further 2 per cent for sales above that.

The shoes feature an air-cushioned sole which was invented in Germany by Maertens and Funck. They were originally intended to be worn by Martens who had injured his foot in a skiing accident.

From 1960, the Griggs family manufactured the products at their Northamptonshire factory. Today, most production is done in Asia but the original Northamptonshire factory was reopened in 2007 to produce vintage styles.

Image: Wikipedia

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