DLA Piper has advised the shareholders of R Griggs Group Limited ("Griggs"), the parent company and licensee of the Dr Martens brand, on its agreement to dispose of Griggs to an investment vehicle backed by the Permira Funds for £300m. The deal is expected to complete in January 2014.
Dr Martens is a global brand with a rich and diverse heritage and a contemporary relevance. Headquartered in Northants on the site of the original factory, it is sold in 63 countries, principally in the US, Asia, Europe and the UK. The company’s deep-rooted links with working class, music, subcultures and self-expression have kept the brand at the forefront of youth culture for over 50 years.
Permira is a European private equity firm with global reach. The Permira funds, raised from pension funds and other institutions, make long-term investments in companies with the ambition of transforming their performance and driving sustainable growth.
The DLA Piper Birmingham-based Corporate team was led by partner Noel Haywood with senior associate Ceri Williams-Jones supported by associates Simon Wright and Rosie Hendon.
Noel Haywood commented: "This was a great transaction to be involved with. Dr Martens is an iconic and authentic brand that has millions of customers worldwide. Griggs is also a cherished and longstanding client of DLA Piper so we were delighted to have advised the shareholders on this important transaction."
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