UK: Private equity firm snaps up footwear maker Hotter
Hotter shoes are sold through 257 stores, its website and mail-order catalogues
Comfort foortwear firm Hotter, which claims to be the UK's largest shoe manufacturer, has been acquired by private equity firm Electra Private Equity in a deal rumoured to be worth GBP200m (US$328.5m).
Lancashire-based Hotter designs, manufactures and sells comfort footwear from its 57 standalone stores, 200 independent stores, website and mail-order catalogues.
The company says its factory produces a pair of hand-finished shoes every 20 seconds, which feature soft and breathable leathers, lightweight and flexible soles and underfoot cushioning.
Hotter founder Stewart Houlgrave will retain a significant stake in the company and have a continuing involvement in the business. The group's management will continue to be led by CEO Peter Taylor.
Commenting on the buyout, Houlgrave said: "Hotter is well placed for further growth. Electra Partners' support will be key in enabling the business to expand into new markets and grow its customer base, while at the same time continuing to meet the needs of its existing customers."
While Alex Fortescue, chief investment partner of Electra Partners, added: "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."
Help test our new apparel sourcing tool.
- "Power of the many" drives change at Otto Group
- Hard hit Turkish industry is not knocked out
- China leads US apparel sources with falling prices
- Wage abuses can’t be eliminated by software and PR
- US apparel sector braces for potential cost hikes
- US Q4 in brief – Foot Locker, Nordstrom, Carter's
- JC Penney to close 140 stores amid lower sales
- Inditex and H&M boycott Dhaka Apparel Summit
- Bangladesh government steps in on labour crackdown
- Bangladesh calls for duty-free access to US
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective
- Technical textile markets: product developments and innovations, December 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022