Dr. Martens Ltd. said on Monday that current investors plan to sell at least 25% of their stake in an initial public offering on the London Stock Exchange.
Permira Funds, a London-based private equity investor, bought Dr. Martens for $ 400 million in 2014. Private equity firms are looking to buy undervalued companies and then restructure their operations and cut costs before selling at a profit.
Dr Martens chief executive Kenny Wilson said the IPO underscored the brand’s “global growth potential” after the shoemaker’s revenue jumped 39% in the past two years to reach 900 million dollars per year. The company is expanding its online sales to supplement the revenues of 130 stores in 60 countries.
“Our iconic brand appeals to a wide range of consumers around the world who wear our shoes to express their individual style,” Wilson said in a statement to the exchange. “We have invested heavily to ensure we provide the best store of experiences to connect with our carriers. ”