Winter jacket maker Canada Goose prepares for IPO -sources
By Lauren Hirsch
Oct 7 (Reuters) - Canada Goose Inc, a maker of luxury winter down jackets, is interviewing banks to help prepare for an initial public offering (IPO) that could value the company at as much as $2 billion, sources familiar with the matter said on Friday.
An IPO of Toronto-based Canada Goose would demonstrate the explosive growth the company has experienced, following its transition from selling jackets primarily to adventurers on expeditions to shoppers in more than 50 countries, eager to pay $1,000 for warm, high-end coats.
Canada Goose could not be immediately be reached for comment. Its majority owner, private equity firm Bain Capital LLC, declined comment.
Canada Goose, which started in a small warehouse in 1957, sold a majority stake in 2013 to Bain for an undisclosed amount, to help meet its growth ambitions.
Under Bain's ownership, the company achieved double-digit sales growth in 2014, partially driven by international demand, Chief Executive Dani Reiss told Reuters at the time.
The down used in Canada Goose coats is a by-product of the food industry, with most of it sourced from Hutterite farmers who raise free-range flocks in the Canadian prairies. Many of the other jacket components, such as the fabric, are globally sourced.
The Wall Street Journal first reported news of the IPO plans earlier on Friday. (Reporting by Lauren Hirsch in New York; Editing by Sandra Maler)
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