Transactions & Cases Detail



Transaction/Case Details

Aritzia Inc. completes its secondary offering of 20,100,000 subordinate voting shares

DATE CLOSED

January 26, 2017

BUSINESS SECTOR

General Merchandising / Retail

LEAD OFFICE

Vancouver


OVERVIEW

On January 26, 2017, Aritzia Inc. (“Aritzia” or the “Company”) completed its secondary offering of 20,100,000 subordinate voting shares (the “Shares”) for a price of C$17.45 per Share (the “Offering Price”) for aggregate gross proceeds of C$ 350,745,000 (the “Offering”). The Shares were sold by an investment vehicle managed by Berkshire Partners LLC, a Boston-based private equity firm (the “Berkshire Shareholder”), an entity controlled by Brian Hill, Aritzia’s Founder and Chief Executive Officer (the “Hill Shareholder”) and The Bensadoun Family Foundation, a charitable foundation controlled by Aldo Bensadoun, a director of Aritzia (the “Bensadoun Shareholder, and together with the Berkshire Shareholder and the Hill Shareholder, the “Selling Shareholders”).

The Offering was underwritten by a syndicate of underwriters on a bought deal basis led by CIBC World Markets Inc., Merrill Lynch Canada Inc. and TD Securities Inc. and included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., Robert W. Baird & Co. Incorporated, William Blair & Company, L.L.C. and Haywood Securities Inc. (the “Underwriters”).

In a separate transaction that closed concurrently with the Offering, a group of employees of Aritzia, not including Brian Hill, sold an aggregate of 1,788,366 subordinate voting shares, on a block trade basis, at the Offering Price for total gross proceeds to such employees of $31,206,987.

The Shares were offered in each of the provinces and territories of Canada by way of a prospectus dated January 19, 2017 and in the United States on a private placement basis pursuant to a private placement memorandum dated January 19, 2017. 

McCarthy Tétrault LLP acted as Canadian counsel to Brian Hill and the Hill Shareholder with a team that included Cameron Belsher, Robin Mahood, Claire Sung and Ainslie Hurd (securities).