A Massachusetts work boot and clothing manufacturer is considering selling the company or bringing in new investors in a deal that could be worth more than $1 billion, according to people with knowledge of the discussions.
Brunt Workwear has enlisted investment bank JPMorgan to handle the potential transaction, which has drawn attention from both corporations and private equity investors, sources told Reuters on condition of anonymity due to the sensitive nature of the talks. The company might also consider going public down the road, the sources added.
Since its 2020 launch, Brunt has already reached annual revenue of more than $300 million, according to the sources.
Neither Brunt nor JPMorgan provided comment when contacted.
The workwear industry has seen increased merger and acquisition activity as traditional work clothing brands have gained popularity with general consumers beyond their core blue-collar market. Companies like Carhartt and Levi Strauss & Co have expanded their product lines and attracted customers outside their usual demographic.
Recent transactions in the sector include Bluestar Alliance’s $600 million purchase of Dickies from VF Corporation in the previous year. On Wednesday, Authentic Brands Group revealed an agreement to acquire Lee that could reach $1 billion in value for the denim manufacturer.
Headquartered in North Reading, Massachusetts, Brunt was established by Eric Girouard with the goal of creating superior footwear for skilled laborers. The company’s inaugural boot model, called Marin, was named in honor of his childhood friend Matt Marin, who worked as a foreman carpenter. These boots, priced between $144.99 and $299.99, quickly became unavailable due to high demand online, leading Brunt to diversify into clothing and accessories.
During 2022, Brunt secured $20 million in Series B funding led by growth equity firm Stripes. Girouard continues to hold majority ownership of the business.
The company has formed partnerships with regional sports organizations, facilities and staff including the Boston Bruins and TD Garden, as well as the New England Patriots and Gillette Stadium.
