Canada-based men’s clothing retailer Grafton Apparel has agreed to divest its business to an affiliate of the private investment company Stern Partners.
Grafton operates a network of 127 retail stores and three e-commerce platforms under the Tip Top, George Richards Big and Tall and Mr Big & Tall banners.
Following the acquisition, the retailer will continue to operate independently and expand its e-commerce business in the Canadian market.
Grafton president and CEO Lance Itkoff said: “Across Tip Top and our Big & Tall stores, Grafton Apparel offers unparalleled quality, value and style that has delivered record results.
“We are the definitive go-to solution for men’s workplace and event apparel, as well as the only nationwide chain catering exclusively to the Big & Tall customer.
“Stern Partners brings us the benefit of strategic Canadian investors who understand the retail landscape and we look forward to leveraging their insight and resources to help us deliver even better value to our customers and enhanced growth for Grafton.”
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The deal is subject to customary regulatory approvals and is expected to be completed in the coming weeks.
Financial terms of the transaction have not been disclosed.
National Bank Financial and Davies Ward Phillips Vineberg serve as the exclusive financial and legal advisors for Grafton during the process.
Stern Partners Daniel Cairns said: “The growth of the retail apparel market in Canada has been an area of interest for us. Grafton’s commitment to delivering quality and value to consumers, backed by a strong team, has created a growth trajectory that we want to support.”