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Canada Goose, known for its heavy duty outdoor winter apparel, announced Tuesday that it will sell a majority stake in the company to private investment firm Bain Capital.
Terms of the deal were undisclosed.
Canada Goose President and CEO Dani Reiss will continue to lead the 55-year-old, Toronto-based company and will retain a minority ownership stake, officials said.
“With this investment, we’re able to amplify what has driven our success for the last 15-plus years: delivering the best and warmest jackets to the rest of the world — all proudly made in Canada,” Reiss said in a statement.
Canada Goose was one of the few remaining independent outdoor brands that focused solely on outdoor winter apparel. While company officials touted recent rapid growth and a doubling in production capacity, two consecutive warm winters, plus increasing competition from larger and more diverse brands likely dented profits. Boston-based Bain Capital (known to many for its ties to 2012 U.S. presidential candidate Mitt Romney) typically comes in to aid companies in need of investment.
Canada Goose employs more than 1,000 people worldwide.
Stay tuned to SNEWS for more on this breaking news story.