The DealBook of the New York Times reported that private equity firm Permira was set to acquire family-owned R. Griggs Group for GBP300 million or USD485.3 million. R. Griggs Group had been making boots in England since 1901 and created the Dr. Martens brand.

The acquisition of the boots brand would be added to the portfolio of Permira, which contains some recognizable fashion brands. Permira has invested in Hugo Boss, British apparel retailer New Look and Spanish clothier Cortefiel.

In a statement, Dr. Martens chief executive David Suddens said, "The Permira funds respect that heritage, and want to support the management team in nurturing it."

Permira's consumer team head Cheryl Potter was equally excited about the recent deal. "The Permira funds have extensive expertise in backing global brands, as demonstrated with Hugo Boss and Valentino, and we are looking forward to supporting the management team in this exciting next phase of the company's development," Potter said.

Permira had tapped Barclays as its adviser for the deal. R. Griggs was advised by Rothschild Group about its exit.