TORONTO and BOSTON – DECEMBER 10, 2013 – Canada Goose, one of the world’s leading manufacturers of extreme weather outerwear, today announced the completion of a definitive agreement to sell a majority stake in the company to Bain Capital Private Equity, a leading global private investment firm. Dani Reiss will remain President and CEO, and continue to own a significant minority stake in the company. Financial terms of the private transaction were not disclosed.
Starting out in a small warehouse in Toronto, Canada more than 55 years ago, Canada Goose is today recognized globally for its iconic and authentic apparel which is sold in over 50 countries. Employing more than 1,000 people around the world, the company’s rapid growth includes recently doubling production capacity in Winnipeg by moving into a 57,000 square-foot facility, as well as moving its Toronto manufacturing operations into a new 90,000 square-foot building – a 60 per cent increase over its previous location.
“With this investment, we’re able to amplify what has driven our success for the last 15+ years: delivering the best and warmest jackets to the rest of the world – all proudly made in Canada,” said Reiss. “Bain Capital Private Equity has a long and impressive track record of successfully investing in beloved Canadian companies, and we are thrilled to bring them on board. They’re the right partner with the right resources and people to help us reach our potential.”
Bain Capital Private Equity has a history of successful investments in a variety of Canadian consumer brands and retail companies, including Shoppers Drug Mart, Bombardier Recreational Products, and BTI Systems.
“Dani and the Canada Goose management team have already accomplished a great deal in establishing the premium outerwear category and creating a unique global brand that exudes authenticity,” said Ryan Cotton, a Principal at Bain Capital Private Equity. “We are very excited to employ our global resources and experience to help the team continue to build the business and fuel an even more successful future.”
Cannacord Geunity Corp. served as financial advisor, Deloitte LLP served as accounting advisor and Torkin Manes LLP served as legal counsel to Canada Goose. Ropes & Gray LLP, Stikeman Elliott LLP, Loyens & Loeff Luxembourg S.à r.l. and Maples and Calder served as legal counsel, and PwC LLP served as accounting advisor to Bain Capital Private Equity. Financing was provided by CIBC.
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 400 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
For over 55 years, Canada Goose has been committed to producing the best extreme weather outerwear in the world, proudly made in Canada. From the South Pole research facilities and the Canadian High Arctic, to the streets of New York City, Stockholm, Paris, Toronto and Tokyo, people wear Canada Goose products because of its reputation for authenticity, best quality, functionality and iconic style. Canada Goose supports Polar Bears International as well as a number of charitable organizations and outdoor ventures that provide commitment to Arctic stewardship and the environment. Visit www.canada-goose.com for more information.
This press release has been updated to reflect the new business unit name, "Bain Capital Private Equity," which was changed from "Bain Capital" or "Bain Capital, LP."