Permira-backed Dr Martens to publish IPO prospectus

Permira owns a majority stake in the company, and its CEO and some former employees own stakes, while the previous owner, the Griggs family, retained a stake of almost 10%.

The flotation value is around €3.5bn, according to the Sunday Times.

Morgan Stanley and Goldman Sachs are the joint global co-ordinators on the listing and were hired by Permira in November 2020, after the firm first began preparing to hire advisers in April 2019, choosing Baird and Goldman to consider strategic options in July 2019, according to Unquote sister publication Mergermarket. At the time, Dr Martens' enterprise value could have been worth up to £910m, according to Dealreporter analytics.

In October 2019, it was reported that Permira was more likely to sell the asset than list it. Carlyle Group, Advent International and KKR were touted as potential suitors, according to Mergermarket.

Permira set an asking price of £1bn in December 2019, informing prospective buyers that underlying earnings at Dr Martens was projected to double to £170m for the financial year ending in March 2020. Carlyle was said to be the leading bidder following KKR dropping out of the race in early March 2020; however, all talks were stymied by the coronavirus crisis, according to a report by Bloomberg.

The Northamptonshire-based boot and shoe manufacturer reported profit after tax of £34.9m for the year ending on 29 March 2019. A dividend of £35m was also paid, according to Companies House filings.

Permira acquired the brand in 2013 for £300m, with debt provided by Barclays. The firm is invested through Permira V, which closed on €5.3bn in June 2014 and has seen one realisation in the listing of portfolio company TeamViewer.

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