Grafton Apparel Ltd., a leading Canadian retailer, has recently announced a strategic sale agreement with Canadian investment firm, Stern Partners Inc. The deal, which has been approved by Grafton’s shareholders, marks a significant step for both companies.
Under the agreement, Grafton will continue to independently operate and expand its retail and ecommerce businesses in the Canadian market. This includes their popular brands, Tip Top, George Richards, and Mr. Big & Tall. These brands have established themselves as go-to destinations for quality and stylish men’s apparel, particularly for those seeking workplace and event attire, as well as for the Big & Tall customer segment.
By joining forces with Stern Partners, Grafton gains access to the expertise and resources of a Canadian investment firm with a long-standing presence in various industries, including apparel. With over 30 years of experience, Stern Partners brings invaluable insight into the Canadian retail landscape, providing Grafton with a solid support system.
Lance Itkoff, President and CEO of Grafton, expressed enthusiasm about the collaboration, stating, 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.
Daniel Cairns of Stern Partners also spoke positively about the alliance, saying, 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. We are excited to partner with the strong team at Grafton as we turn the page into this next chapter together.
The sale transaction is subject to customary regulatory approvals and is expected to be finalized in the coming weeks. Grafton has received financial advice from National Bank Financial, with legal support provided by Davies Ward Phillips Vineberg. The purchaser, Stern Partners, has been represented by Norton Rose Fulbright in a legal capacity.
This strategic sale agreement between Grafton Apparel Ltd. and Stern Partners Inc. signifies a promising new chapter for the Canadian retailer. By teaming up with an experienced investment firm, Grafton aims to further enhance its offerings and continue its growth trajectory in the competitive retail apparel market. With the support of Stern Partners, Grafton is poised to deliver even more value to its customers while expanding its presence in the Canadian market.
