Brunt Workwear, a work boot and apparel brand, is exploring options including a full sale or a strategic investment that could value the private company at over $1 billion, according to sources familiar with the matter.
The company is working with investment bank JPMorgan on the process, which is attracting interest from both companies and private equity firms, the sources said, requesting anonymity to discuss confidential deliberations. Brunt could also pursue an initial public offering at a later stage, the sources said.
Brunt launched in 2020 and already generates over $300 million of annual sales, they said.
Brunt and JPMorgan declined to comment.
The workwear sector has attracted deal interest as legacy workwear brands appeal increasingly to mainstream consumers, beyond their original blue-collar customers. Brands such as Carhartt and Levi Strauss & Co have broadened their product offerings and grown in popularity outside their traditional customer base.
Recent deals in the space include Bluestar Alliance’s $600 million acquisition of Dickies from VF Corporation last year. Earlier on Wednesday, Authentic Brands Group announced a deal for Lee that could value the denim brand at up to $1 billion.
Based in North Reading, Massachusetts, Brunt was founded by Eric Girouard to make better boots for trade workers. He named the company’s first boot, Marin, after his childhood friend Matt Marin, a foreman carpenter. Those boots, which range in price from $144.99 to $299.99, quickly sold out online, prompting Brunt to expand into apparel and accessories.
In 2022, Brunt raised $20 million in a Series B round led by growth equity firm Stripes. Girouard remains the majority owner.
The brand partners with local sports teams, venues and field crews including the Boston Bruins and TD Garden, and the New England Patriots and Gillette Stadium.
Source: Reuters.com