Meghan Roach is stepping down as President and CEO of Roots after the completion of the sale of the brand to Marquee Brands and JM&A.
In a LinkedIn post, she said: “Today, I am stepping down as President and CEO of Roots after successfully completing its sale to Marquee Brands and JM&A. It has been an honour to lead the company through this process and to position Roots for its next chapter as a private company.
“There is no way to capture almost seven years in a LinkedIn post. What I can say is that I am deeply grateful to have had the opportunity to be a steward of this brand.
“I feel incredibly lucky to have worked with an amazing group of people at Roots, past and present. Roots would not be where it is today without their hard work and dedication.
“Thank you to Michael, Don, Denyse, and Diane, and to Oliver, Eric, and Erol at Searchlight Capital Partners for your support over the years.
“Congratulations to Marquee Brands, Joe Mimran, and Frank Rocchetti. I look forward to supporting Roots through this transition over the next few months, and I am excited to see where the brand goes from here.”
Roots announced Monday the completion of the previously-announced plan of arrangement under the Canada Business Corporations Act, pursuant to which Marquee Brands, through its strategic operating partner JM&A Design & Development Inc., acquired all of the outstanding common shares of Roots for C$4.10 per Share in cash.
The Shares are expected to be delisted from the Toronto Stock Exchange shortly and Roots intends to make an application to cease to be a reporting issuer in each of the provinces and territories of Canada, said the company in a news release.
Early Warning Reporting
“In connection with the completion of the Arrangement, the Purchaser acquired 39,197,166 Shares, representing 100% of the issued and outstanding Shares immediately prior to the completion of the Arrangement. Each holder of Shares received, in exchange for each Share, C$4.10 in cash, and the aggregate consideration delivered pursuant to the Arrangement was C$160,708,380.60. Prior to the completion of the Arrangement, the Purchaser did not own or control any Shares,” said the release.
Leadership Transition
The company said Roach will continue to support the company in an advisory capacity to ensure a smooth transition.
Roach has served as President and Chief Executive Officer of Roots since 2020, having first joined the Company as interim Chief Financial Officer in 2019.
“It has been a privilege to lead Roots and to work alongside such a talented and dedicated team,” said Roach in the news release. “With the transaction complete, this is the right moment for me to step aside. I have every confidence in the team’s ability to carry the brand forward, and I am excited about the future of the Company. I wish everyone at Roots continued success.”
“Meghan Roach is an outstanding leader, and Roots is a stronger company because of her,” said Erol Uzumeri, former Chair of Roots Board of Directors. “From her first days as interim CFO through her tenure as CEO, she has combined financial discipline with a deep passion for this iconic Canadian brand. She steered Roots through an extraordinary period of change, earned the trust of her team, her partners, and the Board, and delivered a result that reflects the full value of what she has built. Meghan’s leadership has left a lasting mark on Roots, and the Board is profoundly grateful for everything she has accomplished. We wish her every success in her next chapter.”
Roots was established in 1973 and operates over 100 locations in Canada, two stores in the United States, and an eCommerce platform, roots.com. It has more than 100 partner-operated stores in Asia, and it also operates a dedicated Roots-branded storefront on Tmall.com in China.
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