Private equity firm buys Hotter Shoes
22/01/2014
The shoe company, which manufactures in the UK and has been growing rapidly, hired investment bank Rothschild last year to explore strategic options for the business.
Hotter CEO Peter Taylor said: “We see strong growth potential in a number of areas of our business and the support of Electra Partners will ensure that we are well positioned for the next phase of Hotter’s development.”
It has been reported that Electra paid £200 million for the company, which was established in 1959 and makes 2 million pairs of shoes annually.
Alex Fortescue, chief investment partner of Electra Partners, said: “We have been tracking Hotter for several years and it epitomises what we look for in a buyout investment – a really strong UK headquartered business with not only a UK growth story but also proven international potential. We look forward to working with Peter and the rest of the Hotter team to continue to drive this UK brand and manufacturing success story forwards.”
Private equity firms have been increasingly targeting footwear brands for investment. The US-based Jones Group, which owns Kurt Geiger and Brian Atwood, was bought by Sycamore Partners in December, while Dr Martens and Alberto Moretti were also recently purchased by buyout firms.
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