Canada: Canada Goose picks Credit Suisse, CIBC, Goldman for IPO

 

Canada Goose Inc., the retailer of high-end winter parka coats that can sell for more than $1,000 apiece, has chosen bankers to lead its planned initial public offering, according to people familiar with the matter.

Credit Suisse Group AG, Canadian Imperial Bank of Commerce and Goldman Sachs Group Inc. will lead the Toronto-based retailer’s offering, the people said, asking not to be identified because the details are private. The sale could happen as soon as 2017 and Canada Goose, which is backed by Bain Capital, plans to seek a valuation of about $2-billion, they said.

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Representatives for Canada Goose, CIBC, Credit Suisse and Goldman Sachs declined to comment. A representative for Bain didn’t immediately respond to requests for comment.

Canada Goose was founded in a small warehouse in Toronto in 1957 as Metro Sportswear Ltd., specializing in woolen vests, raincoats and snowmobile suits. In recent years it has shifted its focus to luxury consumers, targeting shoppers who drive Land Rovers rather than dogsleds. The company employs more than 1,000 people worldwide, according to its website.

Bain Capital acquired a majority position in Canada Goose in 2013 for an undisclosed sum. Dani Reiss, the company’s chief executive officer and grandson of its founder, Sam Tick, retained a minority position in the company at the time.

Source: The Globe and Mail

 

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