Investors will do well, but the ‘carried interest’ bonus for the private equity crew and managers is the real kicker

The Dr Martens flotation is still at the warm-up stage, meaning the owners announce their intention to list the company, then formally confirm their plan, as happened on Monday, all the while using the spotlight to talk up the brand’s “iconic” and “unique” status. Fair enough – that’s how the float game is played.

Soon, though, the outside world will see a prospectus, at which point there’ll be something new to talk about: the spectacular returns about to be enjoyed by the partners of Permira, Dr Martens’ private equity owner since 2014, plus management.

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