Hotter Shoes acquired by Electra
Private equity firm Electra Partners has invested £85 million in the acquisition of comfort footwear retailer Hotter Shoes.
While Electra has taken a majority stake in the business after Gresham LLP sold its interests in the company, Hotter founder Stewart Houlgrave will retain a significant stake and continue his involvement in the business following the sale. In addition, Hotter's management will continue to be led by chief executive Peter Taylor.
Established by the Houlgrave family in 1959, Hotter designs and manufactures its own shoes. In addition to its website and mail-order catalogues, the company trades through 57 standalone stores and 200 independent stores in the UK, while international sales are generated from the home shopping market in the US and through distribution partners elsewhere.
Hotter founder Stewart 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."
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. 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."
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