The Private equity firm Electra Private Equity Plc (ELTA.L) will acquire footwear retailer Hotter Shoes in a deal valued at 200 million pounds, according to The Telegraph.

The shoe company, which was founded in 1959 as Beaconsfield Footwear, had hired investment bank Rothschild early last year to explore strategic options for the business.

The private equity firm Gresham-backed retailer is British Electra’s first acquisition of the year.