Canada Goose files for IPO and secondary offering

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By Ted Liu

Canada Goose Holdings Inc. has filed for an initial public offering (IPO) and concurrent secondary offering by Bain Capital and Canada Goose’s CEO Dani Reiss.

Bain Capital and Reiss currently control 70% and 30% of Canada Goose outstanding shares.

On December 9, 2013, Bain Capital acquired 70% of Canada Goose. The transaction, valued at $209.7 million, was structured as acquisition of assets and assumption of liabilities of the former Canada Goose Inc. and its wholly-owned subsidiaries. The transaction was supported by debt financing of $99.6 million.

Canada Goose Holdings Inc. has applied for listing of its subordinate voting shares on the New York Stock Exchange in the United States and the Toronto Stock Exchange in Canada under the symbol “GOOS.”

The subordinate voting shares are being offered in Canada by CIBC World Markets Inc., Credit Suisse Securities (Canada), Inc., Goldman Sachs Canada Inc., RBC Dominion Securities Inc., Merrill Lynch Canada Inc., Morgan Stanley Canada Limited, Barclays Capital Canada Inc., BMO Nesbitt Burns Inc., TD Securities Inc., Wells Fargo Securities Canada, Ltd. and Canaccord Genuity Corp., and in the United States by CIBC World Markets Corp., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., RBC Capital Markets, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, Barclays Capital Inc., BMO Capital Markets Corp., TD Securities (USA) LLC, Wells Fargo Securities, LLC, Canaccord Genuity Inc., Nomura Securities International, Inc. and Robert W. Baird & Co. Incorporated.

Stikeman Elliott LLP and Ropes & Gray LLP act as Canadian and US legal counsels to Canada Goose while Osler, Hoskin & Harcourt LLP and Latham & Watkins LLP act as legal counsels to the underwriters.

For the year ended March 31, 2016, Canada Goose reported $290.8 million revenues and $26.5 million in net income.

As of December 31, 2016, Canada Goose employed 1,187 manufacturing employees and operated five production facilities in Toronto, Winnipeg and Montreal, manufacturing approximately one-third of its products in-house.