An American-based company has made its first private equity investment in Australia by snapping up local work boot manufacturer Redback Boots.
According to the announcement, Ares Management Corporation (NYSE: ARES) has bought up a majority stake in the Australian bootmaker, with reports indicating that the deal values Redback Boots at just under $100 million.
The transaction is expected to close in the first quarter of 2026, subject to closing conditions.
Redback Boots managing director Matt Cloros, a fourth-generation bootmaker, will hold a significant equity stake and is expected to continue his role with the brand.
The booting brand was founded in 1989 by the Cloros family, following a history of handcrafting work boots in Australia since 1927. Redback Boots’ Sydney-based manufacturing facility produces work boots for Australian customers including the Australian Defence Force as well as a network of international distributors – including the likes of The Iconic and Work Boots Direct.
Following the acquisition, Ares intends to help expand production for the bootmaker from approximately 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,” Ares Private Equity Group’s Nicholas Onie said. “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.”
Matt Cloros added that the collaboration with Ares will help drive the next chapter “while staying true to who we are”. He said the brand uses high-quality materials and handcrafted product methods.
“Ares deeply understands the Redback Boots culture and the quality commitment we have made to our customers over multiple generations,” Cloros said. “We are incredibly excited to work with the Ares team to tell the Redback Boots story in Australia and all around the world.”
In addition to private equity, Ares invests across a number of private markets asset classes in Australia including direct lending, special situations, asset-based finance and infrastructure debt.