By Scott Deveau and Kiel Porter.
TORONTO — Iconic Canadian retailer Roots Canada has hired banks to prepare an initial public offering this year, according to people familiar with the matter.
The clothing company, known for its casual wear emblazoned with Canadian flags and beaver logos, is working with Toronto-Dominion Bank, Credit Suisse Group AG and Bank of Montreal on the share sale, the people said, asking not to be identified as the details aren’t public.
Roots could seek to raise about $200 million, they said.
In 2015, the Toronto-based company agreed to sell a majority stake to New York-based private equity firm Searchlight Capital Partners.
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