Dr Martens sold to private equity group From "60s skinhead, 70s punks and today's fashionistas, Dr Martens have been the cool alternative choice of footwear for rebellious youth cultures for more than half a century. Now it is the choice of private equity. Permira confirmed on Thursday it is to buy the British company behind the eponymous boots, and license the Dr Martens brand in perpetuity, for £300m. The private equity group is buying out the Griggs family's 91.5 per cent stake in the bootmaker. Created by German army doctor Klaus Martens who designed the air-cushioned sole to help relieve his back pain, the boots first hit the British high street in 1960 after the rights to make the shoes were snapped up by the Griggs family in the English Midlands - the country's heartland of shoemaking. The classic 1460 eight-eyelet boot in cherry red leather was initially aimed at workers who spent all day on their feet, but they were soon adopted by youth subcultures making an anti-fashion statement. The brand was elevated to cult status when they were worn on stage by anarchic Pete Townshend of band The Who who once declared that he would go to bed on tour with two things: "A cognac bottle and a Dr Martens boot." The punk movement of the late 70s embraced Dr Martens, with bands such as The Clash, Buzzcocks and the Sex Pistols wearing the boots. British soccer fans began modifying the boots, removing the leather from the toes and exposing the steel toecaps to intimidate the opposing team's fans. The police forces declared these an "offensive weapon" and banned them from football matches. Kurt Cobain of Nirvana made them a grunge-boot when he donned them in the 1990s, spurring his fans to do the same. But in 2003, Dr Martens fell victim to changing fashion tastes and, under pressure from declining sales, ceased all production in the UK and moved its factory to China and Thailand. The brand has had a revival in recent years - rediscovered by today's fashion-conscious youth and stars such as Rihanna, Miley Cyrus and British model Agyness Deyn, who is also an ambassador for the brand. In 2012, online fashion retailer ASOS reported a boom in sales as the company, which introduced new lines of loafers, sandals and heels. Headquartered in Northamptonshire on the site of the original factory, the company sells its footwear in 63 countries, principally in the US, Asia, Europe and the UK The Griggs family attempted to sell their stake last year, but left the process after bids failed to meet their valuation. It had revenues of £110m in 2011 - up by a third year on year. Over the same period pre-tax profits more than trebled year on year to £15.3m, due to growing overseas demand. Headquartered in Northamptonshire on the site of the original factory, the company sells its footwear in 63 countries, principally in the US, Asia, Europe and the UK. David Suddens, chief executive of Dr Martens, said: "The brand's authenticity and the millions of customers who have used Docs as a symbol of self-expression for over half a century are what makes Dr Martens unique. The Permira Funds respect that heritage, and want to support the management team in nurturing it. Barclays acted as financial adviser to Permira while Rothschild advised the Griggs family. Barclays is also the facility agent on the debt financing. The deal is expected to be completed in January.