Dr. Martens Owner Working With Goldman Sachs to Weigh Options

(Bloomberg) -- Buyout firm Permira is working with Goldman Sachs Group Inc. and Robert W. Baird & Co. as it explores options for iconic British bootmaker Dr. Martens, people familiar with the matter said.

Permira is in the early stages of considering options including a sale or IPO of the business, according to the people. It is targeting an exit in 2020, the people said, asking not to be identified because the information is private.

Any deal would add to the $31.2 billion in sales of U.K. consumer companies announced this year, according to data compiled by Bloomberg. Permira bought Dr. Martens in 2014 for 380 million euros ($432 million). It has since increased the company’s global presence, opening 24 stores last year, and expanded its e-commerce offering.

Dr. Martens reported more than 80 million pounds ($102 million) of earnings before interest, taxes, depreciation and amortization for the financial year through March 2019, one of the people said.

Representatives for Permira and Goldman Sachs declined to comment, while a spokesman for Baird said he couldn’t immediately comment.

The company behind the iconic footwear was founded in the 1940s by German doctor Klaus Martens. The boots were elevated to rock star status in the late 1960s, when The Who’s Pete Townshend started wearing them onstage.

©2019 Bloomberg L.P.

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