Marathon Partners Calls for Strategic Review Process for Dr. Martens

Recommends that the Board hire an Advisor and Commence a Strategic Review with the Goal of Maximizing Shareholder Value

Believes an Auction Process for Dr. Martens would likely Result in a Substantial Acquisition Premium for Shareholders

Notes Poor Shareholder Returns since the Initial and Secondary Share Offerings of the Company

NEW YORK, April 02, 2024 (GLOBE NEWSWIRE) -- Marathon Partners Equity Management, LLC, a New York-based investment firm, and its affiliated investment funds (collectively "Marathon Partners"), which beneficially owns in excess of 5 million shares of the common stock of Dr. Martens plc (“Dr. Martens” or the “Company”), (LSE: DOCS), announced today that it recently delivered a letter to Chairman Paul Mason and the Board of Directors (the "Board"), urging the Board to commence a process of evaluating alternatives to maximize shareholder value, including a potential sale of the Company.

In its letter to the Board, Marathon Partners recommended that the Dr. Martens Board hire an advisor and commence a strategic review process, including a potential sale or merger of the Company to interested parties, with the express goal of maximizing shareholder value. Prior to the release of its letter, Marathon Partners held discussions with multiple Directors of Dr. Martens to privately resolve these matters. While these conversations were friendly and productive, they did not lead to a satisfactory resolution of important shareholder issues.

Mario Cibelli commented, "Dr. Martens is a distinctly British brand that has had authentic cultural ties to global consumers for decades. While we are certain that the brand will remain relevant for years to come, the unfortunate reality is that maintaining Dr. Martens as an independent, publicly traded company is no longer in the best interests of shareholders.”

Mr. Cibelli continued, "Dr. Martens’ stalled earnings growth and lowered intermediate term guidance combined with an unwelcoming market for many smaller companies in the U.K., has caused Company shares to perform poorly and become deeply discounted versus their underlying intrinsic value. Given the strength and long-standing heritage of the Dr. Marten’s brand as well as the opportunity to produce greater profits as part of a larger organization, our instinct is that multiple parties would potentially be interested in acquiring the Company.”

Mr. Cibelli concluded: “We believe that a logical and unemotional assessment of Dr. Martens and its current situation leads to an inevitable conclusion - that a sale of the Company is the best and most realistic path to increase shareholder value and is likely to reward owners more favorably than other options available to Directors. We believe the Board and its advisors will eventually arrive at the same conclusion as we have, which is why we are encouraging them to conduct a strategic review at this time.”

The full text of Marathon Partners' letter to the Chairman of the Board can be viewed at the following link:
http://ml.globenewswire.com/Resource/Download/20d9f003-1e51-4d1b-85a7-b3b05bbc5dbc

About Marathon Partners
Marathon Partners Equity Management, LLC is a fundamental, research intensive investment firm that deploys capital with a long-term investment horizon.

Investor Contact
Mario Cibelli
(212) 490-0399
http://www.marathonpartners.com