Canada's leading apparel chain, Comark is being offered for sale. Included in the sale are Ricki's, Bootlegger, and cleo stores and the price tag can reach up to US$400 million. The sale has been confirmed by four sources with direct knowledge of the transaction.
The sale is being managed by equity firm Oppenheimer is said to be in the final stages according to two of the sources who requested anonymity. Private equity firm Karp Reilly is backing up the Canadian retail chain, who is actively seeking divestment of its portfolio companies. Among the companies already sold by Karp Reilly are Ollie's Discount Warehouse for a purchase price of Can$500 million to CCMP Capital Advisors LLC last August.
Comark was established back in 1976 and has a retail network of 300 stores located all across Canada. According to reports, it earns Can$50 million annually before application of EBITDA, which is interest, taxes, depreciation and amortization.
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