US-based alternative investment manager Ares Management Corporation is acquiring a majority stake in Australian work boot manufacturer Redback Boot Company which is renowned for supplying footwear for the Australian Defence Force.
While financial details of the transaction have not been disclosed, the deal is the first private equity investment in Australia for Ares Management Corporation which has US$596 billion ($897 million) in assets under management.
The deal also is the latest in a series of acquisitions supporting iconic Australian clothing brands, following Andrew and Nicola Forrest's deals for Australian bootmaker R.M.Williams and hatmaker Akubra, as well as Gina Rinehart’s buyout of Driza-Bone.
The Sydney-based Redback Boots was established in 1989 by the Cloros family, drawing on an extended history of boot-making dating back to Stanley Cloros who migrated from Greece and began plying his trade at Surry Hills markets in 1927.
Matt Cloros, the company’s managing director and a fourth-generation boot maker, will hold a “significant” equity stake in Redback Boots as well as maintaining a full-time role in the business once the transaction settles.
The company produces work boots for retail customers but has firmly established its footprint as an iconic brand with a supply deal for the Australian Defence Force, which includes the Navy and RAAF as well as its ground forces.
Redback Boots, which has been supplying the ADF since 1998, also produces boots for the US military’s non-combat personnel.
Ares says its investment in Redback Boosts will support plans by the company to expand production from its current levels of about 650,000 pairs a year and develop new product lines to meet “evolving customer demand”.
“We are proud to make our first private equity investment in Australia in Redback Boots,” says Nicholas Onie, Australian head of private equity at 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.”
Describing its products as Australian-made “down to our bootstraps’, Redback Boots manufactures all of its footwear from a factory at Alexandria in Sydney.
“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,” says Matt Cloros.
“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.”
Redback Boots, which is reported to have generated about $55 million in sales over FY25, earlier this year enlisted financial advisory group Rothschild & Co to seek an equity partner to support its growth plans.
While the Redback Boots deal represents Ares’ first private equity investment in Australia, the group has invested across a number of private markets asset classes in Australia including direct lending, special situations, asset-based finance and infrastructure debt.
The investment in Redback Boots is expected to be finalised in the first quarter of 2026.
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