Permira Funds, a private equity firm that owns Hugo Boss and New Look, has bought R Griggs Group, the parent company and licensee of the Dr Martens brand, for £300 million (U.S. $486 mm).

The deal is set to complete in January 2014.

R Griggs Group chief executive David Suddens said: “Permira was the chosen partner to acquire the Dr Martens business because they share the current owners’ passion for the brand and want to respect and nurture its heritage.”

Cheryl Potter, head of the consumer team at Permira, added: “Dr Martens is an iconic brand with a solid fan base of followers. 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.”