Iconic Australian boot label R.M. Williams has been purchased by Australian mining giants Andrew 'Twiggy' Forrest and wife Nicola.
Forrest-owned investment company Tattarang bought the label from L Catterton for a reported $190 million, bringing the label back under Australian ownership.
"Nicola and I are incredibly proud and humbled to be able to bring R.M. Williams back under Australian ownership," Forrest said.
"R.M. Williams is a quintessential Aussie brand with a long and proud history of high-quality Australian craftsmanship."
Nicola added that the brand will continue to support its 900 Australian employees, 400 of which operate out of a workshop in Salisbury, Adelaide.
"Andrew and I want to continue the legacy of this great company, and that means continuing to employ and support the Australians that have built and grown the brand.
"By bringing R.M. Williams back into Australian hands, we will ensure the Australian craftmanship continues to be loved and worn all around the world," she said.
R.M. Williams has been up for sale since May 2019, with L Catterton originally posting a $500 million price tag for the brand.
According to The Sydney Morning Herald, Tattarang has bought 100% of the business, buying out all shareholders including ambassador Hugh Jackman who held a 5% stake in the bootmaker.
Jackman is set to receive approximately $10 million from the sale and will remain as an ambassador for the label, reports suggest.
R.M. Williams CEO Raju Vuppalapati added that the business is well-positioned to continue its growth under the Forrest's leadership.
"I am incredibly proud of the journey with R.M. Williams and L Catterton.
"I am delighted with the success we had with re-positioning the brand and delivering significant growth. R.M. Williams’ brand is the strongest it has ever been in its 88-year history.
"Our 2019 decision to invest in the second boot line, recruiting and training 100 additional employees in our Salisbury workshop, was an important milestone to enable us to continue the growth momentum.
"The R.M. Williams team and I look forward to Andrew and Nicola’s stewardship as we enter the next exciting phase of surprising and delighting our consumers with hand-crafted products made in Australia," he said.
L Catterton invested in R.M. Williams in April 2013 and expanded its global footprint of stores, women's offering, marketing campaigns and digital business.
R.M. Williams operates 57 retail stores and is available at over 300 concession retail locations across Australia.