Sunday, January 17, 2021

Dr Martens confirms IPO plans

Northamptonshire company Dr Martens has confirmed plans for an initial public offering on the London Stock Exchange.

The iconic British brand with over 60 years of heritage sells in excess of 11 million pairs of footwear annually in more than 60 countries with revenues of £672m in the year ended 31 March 2020.

The Company has engaged Goldman Sachs and Morgan Stanley as Joint Global Co-ordinators, and Barclays, HSBC, Merrill Lynch International (BofA Securities) and RBC Europe Limited (RBC Capital Markets) as Joint Bookrunners in the event the Offer proceeds.

Lazard & Co., Limited is acting as Financial Adviser to the Company.

Dr Martens was acquired by IngreLux S.àr.l., a Luxembourg company owned by
funds advised by Permira, in 2014.

Paul Mason, Chairman of Dr. Martens, said: “Today marks an important milestone for Dr. Martens and is testament to the skill and hard work of our management team, as we build the business to match the scale and potential of our brand.

“We have made significant investment in the business over the last few years to strengthen the team, our operations and position ourselves for the next exciting stage of development, as a publicly listed company.

“We’re also committed to strong corporate governance and making sure we always do things the right way. This is clearly illustrated by the strength and diversity of our four Non-Executive Director appointments who bring a wealth of complementary skills and experience to help guide Dr. Martens in this new chapter.

“I am exceptionally proud of where we have come from, but more importantly where we can go in the future in growing the business and creating value for all our stakeholders.”

Kenny Wilson, Chief Executive of Dr. Martens, added: “The announcement of our intention to float reflects the great achievements of the Dr. Martens team and brand over the last seven years. Even more important is the significant global growth potential for Dr. Martens in the future.

“Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style. We have invested massively to ensure that we deliver the best digital and store experiences to connect with our wearers, and through this we are driving our long term, sustainable growth.

“It is the people of Dr. Martens who make the brand and the culture so unique, and I would like to extend a heartfelt thanks to them for their passion and effort in growing our business so significantly and in delivering through the testing times of the pandemic over the last year.

“We have an exciting future ahead of us both as a plc and also as we continue to build and develop the Dr. Martens brand.”

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