Jacket maker Canada Goose files for IPO
Toronto-based manufacturer with a proud reputation for staying in Canada as others offshored will look to raise at least $100 million with the offering
TORONTO—Canada Goose, the coat maker known for its high-end down jackets and made-in-Canada reputation, has filed for an initial public offering.
The Toronto-based company’s parkas and coats can cost well over $1,000 and are sold online and at luxury stores as well as through retailers focused on outdoors gear. In recent years, it has expanded its product line and pushed to grow U.S. sales, focusing on the Northeast.
Last year it opened its first two physical stores, one in Toronto and the other in New York City, and it currently operates four manufacturing plants in Canada.
It plans to trade under the ticker symbol “GOOS” on the New York Stock Exchange and Toronto Stock Exchange.
Canada Goose was founded in 1957 and sold a 70 per cent stake to private equity firm Bain Capital in 2013.
At last year’s Ontario Export Awards, the company took home the top honour as the 2016 Ontario Exporter of the Year, thanks to its strong growth in a range of cold-climate export markets—from the Alps to the Himalayas—and its dedication to keeping its manufacturing operations in Canada. You can read more about the company here.
Canada Goose Holdings Inc. plans to use IPO proceeds to repay debt and for general purposes. It said the offering could raise $100 million. That may change according to investor demand.
The company posted net income of $26.5 million and sales of $290.8 million in the fiscal year that ended in March 2016.
—With files from CanadianManufacturing.com Staff