Dr Martens owner joins bidding war for Gymshark stake

The private equity backer of Dr Martens is understood to have joined the pack of investors circling clothing phenomenon and retailer Gymshark.

The Solihull-based sportswear brand, whose spectacular growth has made its founder one of Britain’s wealthiest under-30s, is said to be targeting a £1bn valuation from a stake sale.

Sky News has reported that Permira, which has backed labels such as Hugo Boss and Valentino, has joined the bidding war for the minority stake, alongside General Atlantic Partners and TSG Consumer Partners.

Gymshark was set up by Ben Francis eight years ago when he was 19-years old.

Thought to own two thirds of the company’s shares, Francis is said to be looking to sell around a 20% stake in the company.

If a deal goes ahead, it will be the first major external investment for the fast-growing business, which has propelled Francis onto this year’s Sunday Times Rich List with a personal wealth of £138m.