Grafton shareholders and Stern Companions affiliate attain sale settlement
Canada-based males’s clothes retailer Grafton Attire has agreed to divest its enterprise to an affiliate of the personal funding firm Stern Companions.
Grafton operates a community of 127 retail shops and three e-commerce platforms beneath the Tip High, George Richards Massive and Tall and Mr Massive & Tall banners.
Following the acquisition, the retailer will proceed to function independently and broaden its e-commerce enterprise within the Canadian market.
Grafton president and CEO Lance Itkoff mentioned: “Throughout Tip High and our Massive & Tall shops, Grafton Attire affords unparalleled high quality, worth and magnificence that has delivered report outcomes.
“We’re the definitive go-to answer for males’s office and occasion attire, in addition to the one nationwide chain catering completely to the Massive & Tall buyer.
“Stern Companions brings us the good thing about strategic Canadian buyers who perceive the retail panorama and we stay up for leveraging their perception and sources to assist us ship even higher worth to our prospects and enhanced development for Grafton.”
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The deal is topic to customary regulatory approvals and is predicted to be accomplished within the coming weeks.
Monetary phrases of the transaction haven’t been disclosed.
Nationwide Financial institution Monetary and Davies Ward Phillips Vineberg function the unique monetary and authorized advisors for Grafton through the course of.
Stern Companions Daniel Cairns mentioned: “The expansion of the retail attire market in Canada has been an space of curiosity for us. Grafton’s dedication to delivering high quality and worth to customers, backed by a powerful group, has created a development trajectory that we wish to assist.”