October 25, 2017
Torys represented Roots with a team that included Kevin Morris, Robbie Leibel, Laura Sigurdson and Sharon Au (Canadian securities), Mile Kurta and Chris Bornhorst (U.S. securities), Jennifer Lennon and Brad Tartick (executive compensation and employment) and Andrew Wong (tax).
On October 25, 2017, Roots Corporation (“Roots”) announced the successful closing of its previously announced initial public offering, by way of secondary offering of Roots common shares, by investment funds managed by private equity firm Searchlight Capital Partners, L.P., and an entity indirectly controlled by the founders of Roots, Michael Budman and Don Green, at a price of C$12.00 per share. The selling shareholders sold 16,667,000 common shares under the offering for total gross proceeds to the selling shareholders of $200,004,000.
The offering was co-led by TD Securities Inc., Credit Suisse Securities (Canada), Inc. and BMO Capital Markets, together with Jefferies Securities, Inc., RBC Dominion Securities Inc. and Scotia Capital Inc., as joint bookrunners, and CIBC World Markets Inc., Canaccord Genuity Corp. and National Bank Financial Inc., as underwriters. The underwriters were granted an over-allotment option to purchase up to an additional 2,500,050 common shares from the selling shareholders, for a period of 30 days from the closing date on a pro rata basis, at a price of C$12.00 per share for additional gross proceeds of approximately C$30,000,600, if exercised in full.
Roots is an iconic Canadian lifestyle brand, established in 1973, with a rich heritage and portfolio of premium apparel, leather goods, accessories and footwear.