A Canadian company, which has become almost an iconic symbol of top-quality Canadian winter wear, has been taken over by an American firm.
Canada Goose has always promoted the fact that it was an entirely Canadian company, owned, headquartered, and keeping its manufacturing in Canada in spite of higher production costs.
However in a recent sale Bain Capital, a US private equity firm, has purchased majority control.
Canada Goose is a family owned company founded in 1957 and is primarily known for making high-end winter jackets, coats, and parkas, alnong with gloves and hats.. Annual sales figures are estimated at around C$200 million. It employs about 1000 people in manufacturing operations in Canada, with its products currently sold in some 50 countries.
Bain Capital was co-founded by Mitt Romney who spent most of his career there before entering US politics. The firm has not been without controversy in respect to its actions after takeovers and buyouts.
Canada Goose President and CEO Dani Riess, grandson of the founder, will remain in his position and says he maintains a significant stake in the company, saying only that it is above 10 percent. All other family members have to sell their shares as part of the deal.
The deal comes as Canada Goose moves operations in Toronto to a new factory which doubles its work space
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