Dr Martens float takes step forward with banker appointment
The long-expected IPO for footwear brand Dr Martens is a step closer after its private equity owner appointed two giant American banks to handle the float.
Permira has appointed Goldman Sachs and Morgan Stanley to run the process that should see Dr Martens being listed on the London Stock Exchange, Sky News reported.
The listing plan comes comes after the company — which was sold by the Griggs family to the current owner earlier last decade — has seen a series of strong results. In fact, in its latest year (to the end of March 2020), its underlying EBITDA almost doubled.
The company hasn’t released any details about its post-year-end trading, but during the summer, its CEO Kenny Wilson expressed confidence in the firm’s strategy and prospects.
That said, the pandemic year — a period in which footwear generally has struggled — will have impacted its results. But in normal times, the brand is seen as a force to be reckoned with globally.
Dr Martens is riding the current trend wave towards heavier boots, but it’s able to prosper at other times too, with its core product offer standing outside mere trends.
It’s unclear at present exactly how much Dr Martens would be valued at. The company was sold for £300 million seven years ago, but will be worth significantly more today.
Yet it seems the IPO still isn’t a foregone conclusion with suggestions that a single buyer could still emerge, although previous exploration of such a deal didn’t yield any firm offers that met Permira’s expectations.
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