Novacap picks majority stake in Joseph Ribkoff

Canadian private equity investor, Novacap has announced that it has picked a majority stake in Joseph Ribkoff, one of Canada's leading women's fashion brand. Without mentioning the financial details of this transaction, the company added, the deal is financed by the Novacap Industries IV Fund, in partnership with the Fonds de solidarité FTQ, founder Joseph Ribkoff and company executives, marking Novacap’s foray into the women's ready-to-wear sector.

"Joseph Ribkoff is a Quebec company that has experienced strong growth in recent years and is present in several international markets,” said Novacap’s Senior Partner and Joseph Ribkoff's new chairman of the board, Domenic Mancini in a joint statement, adding, “We are convinced of Joseph Ribkoff's potential at the national and international levels. The company is ready to move up to a new level and, as we have done many times in the past, our intention is to provide the necessary financial support in order to accelerate the company's growth and expansion into new markets."

The namesake brand was founded by Joseph Ribkoff in 1957. Today, one of the leading women's ready-to-wear brands in the Canadian market, the Quebec-based company also has presence in over 64 international markets.

"We are operating in a highly competitive market, and while our growth has been strong over the past five years, we will benefit from Novacap's financial backing, expertise and network to continue to grow and consolidate our leadership position,” added company’s Founder Joseph Ribkoff.

Picture:Joseph Ribkoff website