Dr. Martens majority owner restructures shareholding

The majority ownership of footwear specialist Dr. Martens has seen a notable shift following a restructuring of holdings within the company’s top investor.

Permira V Fund has implemented a restructuring of its holding share in Dr. Martens, through which the newly incorporated Guernsey-based firm, IngreGrsy Limited, has replaced Luxembourg entity, IngreLux, in its overarching structure.

As such, IngreLux has transferred its 38.46 percent shareholding in Dr.Martens to IngreGrsy Limited, making the latter the retailer’s largest shareholder.

In addition to this, IngreLux and IngreGrsy have entered into a novation agreement that could see IngreGrsy replace IngreLux in the relationship agreement with Dr. Martens.

In a regulatory filing, the company noted that Permira V Fund’s ownership structure has remained unchanged otherwise, and continues to be controlled by Permira V GP Limited.

Dr. Martens has been under scrutiny from shareholders in recent months in relation to its drop in share price following a slate of disappointing financial results.

Investment firm Marathon Partners Equity Management reportedly called on the boot maker to begin a strategic review that could end with a sale in a bid to secure a stronger share price.

Weeks after, Dr. Martens welcomed a new chief executive, Ije Nwokorie, just ahead of its full year results for 2023, in which it saw an overall revenue decline of 12 percent.