Iconic Canadian retailer Roots files for IPO: Reuters

Canadian lifestyle retailer Roots Corp said this week it filed a preliminary prospectus with the securities regulatory authorities in Canada for a proposed initial public offering of its common shares, Reuters reported. The company, known for its casual wear and leather goods with a distinctive beaver logo, said New York-based private equity firm Searchlight Capital Partners LP and founders Michael Budman and Don Green are selling their stake. The retailer is seeking to raise about $200 million in the share sale this month and could have a market value of about $700 million (US$574 million) after listing, Bloomberg reported. Searchlight acquired a controlling stake in Roots in late 2015.

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