Brunt Workwear, the Massachusetts-based maker of boots and related apparel, is exploring strategic options that include either a full sale or a partial stake transaction that industry sources say could value the company at in excess of $1 billion. The company has hired investment bank JPMorgan to manage the process, and both corporate buyers and private equity firms have shown interest, according to people with direct knowledge of the discussions.
Those same individuals said Brunt has not ruled out pursuing an initial public offering at some future point as an alternative to a sale or strategic investment. The company and JPMorgan did not provide comment when contacted.
Founded in 2020, Brunt has rapidly scaled its business and now generates more than $300 million in annual sales, the sources said. The brand initially launched with a work boot named Marin, priced between $144.99 and $299.99. The first run of those boots sold out online, prompting the company to broaden its assortment to include apparel and accessories geared toward trade workers.
Brunt was established by Eric Girouard with a stated mission of building better boots for the trades. Girouard named the debut Marin boot after a childhood friend, Matt Marin, who worked as a foreman carpenter. Girouard remains the majority owner of the company following a 2022 financing round in which Brunt raised $20 million in Series B funding led by the growth equity firm Stripes.
The company maintains regional partnerships with sports franchises and venues, supplying field crews and associating the brand with organizations including the Boston Bruins and TD Garden, as well as the New England Patriots and Gillette Stadium.
The workwear category has garnered growing attention from dealmakers as established heritage workwear labels increasingly resonate with mainstream consumers beyond traditional blue-collar buyers. Incumbent brands have broadened their product ranges and seen expanding popularity outside of their original customer bases.
Recent transactions in the segment underscore that interest: Bluestar Alliance acquired Dickies from VF Corporation for $600 million last year, and Authentic Brands Group announced a deal for Lee that could value the denim brand at up to $1 billion. Those moves illustrate active merger-and-acquisition activity in the workwear and apparel space.
Contact and commentary: Brunt and its financial adviser declined comment on the review.