Roots Takes on New Partner to Drive Future Growth

Toronto (ots/PRNewswire) - Searchlight Capital Partners makes
significant investment in iconic Canadian lifestyle brand 

Together with the private investment firm Searchlight Capital
Partners, L.P., ("Searchlight"), Roots (the "Company") Co-Founders
Michael Budman and Don Green announced today that they have concluded
a formal agreement with Searchlight to make a significant investment
in the Company to support the brand's next phase of growth. As a
result of the investment, Searchlight will hold a majority stake in
the Company.

Michael and Don, together with their wives, Diane Bald and Denyse
Green, both of whom have played important roles at Roots over the
last 42 years, welcome this new development for Roots, which they
co-founded in Toronto in 1973. One of Canada's leading lifestyle
brands employing more than 1,500 people in Canada; the Company has
245 retail locations in Canada, the United States and Asia, along
with a robust ecommerce business. With its strong local and
international relationships, as well as its experience investing in
other heritage brands, Searchlight believes it can add significant
value to Roots as the Company continues to expand.

"Don and I are extremely excited about this new development because
of what it means for the future of Roots," said Michael Budman.
"Before making this decision we had extensive discussions and
meetings with Searchlight's co-founders, Erol Uzumeri and Eric
Zinterhofer, over a period of several months. We were impressed by
how well they understood and respected our brand. Not only do they
have relevant experience, international expertise and financial
resources to draw on, but they are also committed to Roots staying
true to its longstanding values, culture and quality products."

Don and Michael will remain actively involved in Roots and will be
substantial shareholders. 

"We are thrilled by this partnership," added Don Green. "We have
partnered with the Searchlight team as a result of their passion for
Roots and their strong consumer experience with other exceptional
brands. We are excited about the future of Roots and looking forward
to working in collaboration with Erol, Eric and the rest of the team
at Searchlight to realize the brand's significant growth potential."

"Our investment will enable Roots to support its long-term growth
ambitions," said Canadian Searchlight co-founder Erol Uzumeri. "As
one of the few iconic Canadian heritage brands, we see significant
growth potential for Roots in both Canada and internationally across
multiple distribution channels. We look forward to working with
Michael and Don and the rest of the Roots team."

Advisors to Don and Michael in the transaction include Goodmans LLP
(legal counsel), Generation Capital (financial advisors), WBM
Partners LLP (financial and tax advisors), and Threadstone Partners
LP (financial advisors). Advisors to Searchlight Capital Partners in
the transaction included Torys LLP (legal counsel), Northwest
Atlantic (Canada) Inc. (retail estate advisors), KPMG (financial and
tax advisors), AON (insurance advisor), Category One (commercial
advisors). The Toronto-Dominion Bank is providing debt financing for
the transaction.

About Roots Established in Toronto in 1973, Roots is Canada's leading
lifestyle brand, recognized around the world for its quality
merchandise - leather bags, footwear, jackets, apparel, athletic
wear, accessories, and home furnishings. Roots has 245 retail stores
in Canada, the United States and Asia, in addition to a successful
ecommerce business. It also has a state-of-the-art factory and
distribution centre in Toronto, both located near the company's
headquarters where all Roots products are designed.

About Searchlight Capital Partners, L.P. Searchlight is a global
private investment firm with offices in Toronto, New York and London.
Searchlight seeks to invest in businesses where its long term capital
and strategic support accelerate value creation for all stakeholders.
For more information, please visit http://www.searchlightcap.com.

Robert Sarner, Roots, E: [email protected], T: +1-416-781-3574 ext.
4280; Sherry Boisvert, Citizen Relations (for Searchlight Capital
Partners), E: [email protected], T:
+1-647-830-8136

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