Global giant Ares Management acquires majority stake in Australian bootmaker Redback
A century-old Australian family bootmaking dynasty has sold majority control to a Wall Street giant while vowing to stay ‘100 per cent Australian-made’.
Global asset manager Ares Management Corporation has acquired a majority stake in Australian boot manufacturer Redback Boots.
The deal is expected to close in the first quarter of 2026 subject to conditions.
The acquisition, to be announced on Monday, will be the New York-listed company’s first private equity investment in Australia.
Fourth generation bootmaker and Redback Boots managing director Matt Cloros, whose family founded the company in 1989, will hold a significant equity stake and continue his full-time role.
It’s understood Redback Boots has an enterprise value of $100m and Ares will take a majority stake in the company.
“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 bootmaker using high-quality materials and handcrafted production methods,” Mr Cloros said.
“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,” he said.
Ares head of private equity in Australia and New Zealand, Nicholas Onie, said the company was proud to make its first private equity investment in Australia in Redback Boots.
“We are privileged to be collaborating with Matt and investing in an iconic brand known for its Australian heritage and legacy of craftsmanship,” Mr Onie said.
“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,” he said.
Redback Boots has a factory in Alexandria, Sydney, where all of the company’s boots are manufactured, including for the defence force and overseas distributors.
Redback Boots hopes to boost production to more than 650,000 pairs a year with Ares’ investment.
The Cloros family has a history of making handcrafted work boots in Australia since 1927, and its website says its steel toe, non-steel toe and zip side boots are “Australian-made down to our bootstraps”.
“We’re 100 per cent Australian-owned and, equally importantly, our boots are handmade here in Australia too,” the company’s website states.
“This matters, not only because the Cloros family owes its good fortune to Australia, but also because we believe our workforce and their future job security is our number one priority.”
Ares is a player in Australia’s private credit scene, including direct lending, special situations, asset-based finance and infrastructure debt.
Globally, the company offers investments in real estate, infrastructure and private equity.
By September 30, 2025, Ares Management Corp’s global platform had more than $595bn of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East.
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