Dr. Martens has shelved plans for a sale.
The family-owned R. Griggs Ltd., which owns the brand, said that it had ended talks “after offers failed to reflect a fair value for the brand.” The company had been mulling a sale since the beginning of the year.
Instead, the firm’s CEO, David Suddens, said the company plans to focus on delivering “existing plans for profitable growth without further distraction.”
Among the parties rumored to have been interested in the brand were private equity firms Electra Partners and Pamplona Capital Management.
The company also announced Friday that Dr. Martens’ sales in the year ended March 31 had risen 15 percent to 126 million pounds, or $200.3 million at current exchange, while its earnings before interest, tax, depreciation and amortization rose 20 percent to 22.6 million pounds, or $35.9 million. All dollar figures have been converted at average exchange rates for the period.
During the current fiscal year, the company expects to grow its sales by between 20 percent and 30 percent, and over the next three years plans to open 30 stores. The U.S. market represents 40 percent of the brand’s sales, while the U.K. makes up 20 percent and Asia 25 percent. The firm also noted it has doubled the capacity of its U.K. factory in Northamptonshire, England, to meet demand for its made-in-England range of boots and shoes.
Suddens added, “There are few brands around with the global reach, unique positioning and heritage of Dr. Martens,” he said. “The family owners have decided that best value for the business will be achieved by focusing on the delivery of existing plans for profitable growth without further distraction.”