Sydney-based work boot manufacturer Redback has been acquired by a US investment firm for a fee that values the company at just under $100 million.

Ares Management confirmed that the transaction is expected to close in the first quarter of next year and will mark its first investment in Australia.

Redback Boots was founded in 1989 and manufactures shoes for clients such as the Australian Defence Force.

Ares confirmed that Matt Cloros, the current MD, will maintain a significant equity stake and continue his full-time role with Redback after the acquisition.

“We are proud to make our first private equity investment in Australia in Redback Boots,” said Nicholas Onie of the Ares Private Equity Group. 

“We are privileged to be collaborating with Matt and investing in an iconic brand known for its Australian heritage and legacy of craftsmanship. 

“Our global team will work to support Redback Boots in scaling its manufacturing capabilities, strengthening its supply chain and accelerating growth in Australia as well as international markets.”

Ares said it plans to drive further growth at Redback with this investment, with the intention of expanding production from approximately 650,000 pairs a year and developing new product lines to meet evolving customer demand.

“This collaboration with Ares will enable us to take the next step in our growth journey while staying true to who we are – a proud Australian boot maker using high-quality materials and handcrafted production methods,” Cloros added.

“Ares deeply understands the Redback Boots culture and the quality commitment we have made to our customers over multiple generations. We are incredibly excited to work with the Ares team to tell the Redback Boots story in Australia and all around the world.”