Boot brand Dr Martens is in exclusive talks with British private equity firm Permira about a £300m sale of the business.
Negotiations are advanced with a sale likely to be announced in the next few weeks, sources have said.
The Griggs family of Northampton, which owns the brand, has been looking to dispose of the business after 50 years of ownership. They attempted to sell their stake last year in a process which Permira did not take part in, the sources said.
Permira is said to have had a close-watch on the company since the previous sale was abandoned after bids failed to meet their valuation.
Permira will need to pay a separate royalty fee to the families of the inventors, Dr Herbert Funck and Dr Klaus Maertens after a licence agreement was renegotiated last year. Under the licence terms the buyer will have to pay a set 2.5 per cent of sales up to £200m a year and a further 2 per cent for sales above that.
Dr Martens’ CEO, David Suddens, is thought to be keen to hold on to a management role, although decisions are yet to be finalised.
The Asian market offers lucrative opportunities to the company but this requires an investment injection. According to the most recent figures, sales in the US account for just under half of the company’s revenues.
The shoe became hugely popular with British youth and sales flourished in the 1970s after the footwear was adopted by the skinhead, punk and ska subcultures.
After a number of years of struggling sales in the early 2000s the company has made a return, helped by controversial celebrities such as Miley Cyrus and Rihanna.
The shoe brand reported full year revenues of £110m in 2011 and pre-tax profits of £15.3m.
