The nonprofit winners in today's Canada Goose IPO
Luxury winter jacket maker Canada Goose raised around $255 million in its IPO today, and has begun trading on stock exchanges in both New York and Toronto. The most obvious winner here is Bain Capital, the private equity firm that acquired Canada Goose in April 2013, and has watched revenue and profit continue to climb.
But a less noticeable beneficiary are a pair of charities that were gifted Canada Goose shares from Bain Capital partners and employees: Fidelity Investments Charitable Gift Fund (1.9m shares) and the Combined Jewish Philanthropies of Greater Boston (454,000 shares).
The nonprofits each sold all of their stock at the IPO price, netting more than $30 million in total.