TORONTO, Oct 26 (Reuters) - Roots Canada, one of the
country's most recognizable clothing brands, said on Monday its
co-founders have sold a controlling stake in the company to
private equity firm Searchlight Capital Partners to spur the
brand's next phase of growth.
Michael Budman and Don Green, who co-founded the brand back
in 1973, will remain actively involved in the company and will
be substantial shareholders, said Toronto-based Roots.
The company with its distinctive beaver logo, which has 245
retail locations spread across Canada, the United States and in
parts of Asia, did not disclose the terms of the deal.
"As one of the few iconic Canadian heritage brands, we see
significant growth potential for Roots in both Canada and
internationally across multiple distribution channels," said
Searchlight co-founder Erol Uzumeri, in a statement.