Iconic Canadian brand Roots set to go public after filing for IPO
Iconic Canadian retailer Roots is going public.
The lifestyle company announced on Wednesday that it has filed for a proposed IPO, and investors will soon be able to get their hands on shares of the brand.
According to reports, the initial public offering on the Toronto Stock Exchange (TSX) will be under the ticket symbol ROOT, although there is no indication of how much shares will be sold or at what cost.
The funds will be managed by private equity firm Searchlight Capital Partners, L.P., and an entity indirectly controlled by Roots founders, Michael Budman and Don Green.
Reports indicate that Roots has earned $8.2 million in fiscal 2016 on $281.9 million in sales, and is looking to boost its sales to as much as $450 million by 2019.
Established in 1973, Roots is an iconic Canadian lifestyle brand with a rich heritage and portfolio of premium apparel, leather goods, accessories and footwear. As of July 2017, the retail giant had 116 corporate stores in Canada, 4 corporate retail stores in the United States, 109 partner-operated stores in Taiwan, 27 partner-operated stores in China and a global e-commerce platform that ships to 54 countries.