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Shakespeare Martineau advises Dr Martens family founders in multi-billion pound float

Published: 29th January 2021
Area: Corporate & Commercial

Northamptonshire-turned-global shoe brand Dr Martens has launched at the top of the range valuation of 370p per share, equating to a £3.7 billion market cap.

Advising the family founders of the household-name brand is the corporate team at Shakespeare Martineau who also advised the Griggs family on the company’s original sale in 2014 to private equity giant Permira for £300m – at the time of sale, the family retained a 10% stake in the business.

Ahead of this recent development Richard Wrigley – partner at Shakespeare Martineau and specialist in corporate transactions advised the Griggs family on their participation in the IPO, including pre-IPO reorganisation, underwriting arrangements and sale of shares.

Richard said: “This has been an incredibly successful float and indicates the interest and value in such as well-established and popular brand, as shown by the IPO offer being eight times oversubscribed and within the first hours of the trading the share price jumping in value.   The successful float is a culmination of the success and hard work of the Griggs family and later the management backed by Permira.

“We have a long-standing relationship with the Griggs family and are pleased to have supported them in this incredible brand’s journey.”

Starting as a modest work-wear boot in 1901, Dr Martens have evolved into an iconic fashion staple – known for its ‘rebellious self-expression’ – having sold more than 11 million pairs of boots in more than 60 countries worldwide.

Stephen Griggs said: “We’re very proud of our family’s brand and how by working with the right people it has transformed into a global icon.

“We’ve got a long-standing relationship with Richard and the Shakespeare Martineau team – they have always been as invested in our success as we are.”

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