Tuesday, 27 June, 2017

Luxury coat maker Canada Goose files for an IPO

There are lots of women sewing the jackets thats for sure There are lots of women sewing the jackets thats for sure
Juana Turner | 17 February, 2017, 00:19

Toronto-based luxury apparel maker Canada Goose is preparing to file for a US initial public offering of up to $100 million, according to a filing made Wednesday with the Securities and Exchange Commission.

In going pubic, Canada Goose looks to expand globally. It plans to list it on Toronto Stock Exchange as well as New York Stock Exchange with GOOS as symbol. Bain will continue to own a controlling interest in the company following the IPO, according to the prospectus. Proceeds from the IPO will be used to pay down debt and for working capital and general corporate purposes, the filing shows.

The Toronto, Canada-based company was founded in 1957 and booked $302 million in sales for the 12 months ended September 30, 2016. The company has disclosed in its filing that in the past three years the revenue is compounding at 38.3% annually and the net income in this period has tripled. And if you need a Canada Goose coat, you probably have one, and no one needs two. The brand was sold in 36 different countries through about 2,500 wholesalers at the end of December, the prospectus shows. Risks to the business include the expense of expanding into new markets and competition.

The company, who is part-owned by private equity firm Bain Capital, has said it wants to pay off some of its debt and expand further into the U.S. and overseas.

The Canadian bank CIBC Capital Markets scored the lead advisory role, with Credit Suisse, Goldman Sachs, and RBC Capital Markets also on the deal.

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