Roots CEO Meghan Roach Steps Down as Marquee Brands Take-Private Closes

Roots Corp. said on Oct. 26, 2026, that its go-private transaction with Marquee Brands had closed and that president and chief executive Meghan Roach had stepped down. The buyer, Marquee Brands acting through its operating partner, JM&A Design and Development Inc., acquired all outstanding common shares for C$4.10 each in cash. CP24 and Retail Insider reported the announcement.

Roach had led the Toronto-based apparel company since 2020. She will remain with the company in an advisory role to support the transition.

Deal Closes at C$4.10 a Share After Shareholder and Court Approvals

The price is C$4.10 a share in cash, a 36% premium to the closing price on March 2, 2026, the last trading day before Roots announced its strategic review. Marquee’s Aug. 20 release set out those terms when the deal was first announced. Shareholders approved the deal earlier in October with more than 99 per cent support, CP24 reports. Retail Insider reports that the purchaser acquired 39,197,166 shares, or 100 per cent of those outstanding, for an aggregate C$160,708,380.60, and held no Roots shares before closing.

The transaction is a plan of arrangement under the Canada Business Corporations Act. Marquee’s release lists the approvals it required: at least two-thirds of the votes cast by shareholders, a simple majority of votes cast excluding certain related persons under Multilateral Instrument 61-101, Competition Act clearance, and court approval. Shareholders holding about 69% of the voting interest, including Searchlight Capital Partners, Kernwood Limited and all directors and senior officers, agreed to vote in favour.

On Oct. 15, a judge approved the arrangement, and Roots said the interim commissioner of competition would not contest the transaction, the Canadian Press reported. Accounts differ on the court. The Canadian Press report names the Ontario Superior Court, while Marquee’s August release refers to the Ontario Court of Justice (Commercial List).

Shareholder Vote
Roots shareholders approved the take-private in October 2026 with more than 99 per cent support, according to CP24.

Marquee Brands and JM&A Split Brand Stewardship From Operations

According to Marquee’s release, Marquee Brands is responsible for global brand stewardship, expansion and new category development. BNN Bloomberg describes Marquee as a New York brand management firm. It manages the Martha Stewart, Laura Ashley and Roberto Cavalli labels, CP24 and the Globe and Mail report. CP24, the Globe and Mail and BNN Bloomberg all report that Marquee plans to expand Roots to other markets such as Korea, India and Mexico.

JM&A is the core operating partner. Under the release, it oversees design, development, manufacturing and distribution of men’s and women’s lifestyle apparel, and runs retail and e-commerce operations in Canada and the United States. The brand will continue to be operated from Canada. Joseph Mimran is president and creative director of JM&A. Frank Rocchetti is named in the release as a co-leader alongside Mimran, but his title is not stated.

Mimran said the plan is to lead with product and design and to expand creativity and categories, Retail Insider reports.

Roach Steps Down at Closing

Roach stepped down as president and CEO once the sale was complete, the company said, as CP24 and Retail Insider report. She joined Roots as interim chief financial officer in 2019 and became CEO in 2020.

In a LinkedIn post, Roach said she was stepping down after completing the sale and would support the brand through the transition over the next few months. She thanked named individuals and representatives of Searchlight Capital Partners, and congratulated Marquee Brands, Mimran and Rocchetti. Erol Uzumeri, former chair of the Roots board, praised her financial discipline and her leadership through a period of change, Retail Insider reports.

The price is C$4.10 a share in cash, a 36% premium to the closing price on March 2, 2026.

Closing Timeline and Delisting From the Toronto Stock Exchange

The August release had targeted closing in the fourth quarter of 2026, subject to court approval, Competition Act clearance and other customary conditions. BNN Bloomberg reported on Oct. 15 that closing was expected that month. The transaction closed on Oct. 26.

As of Oct. 26, Roots said its shares were expected to be delisted from the Toronto Stock Exchange shortly, according to CP24 and the Globe and Mail. Retail Insider reports that Roots intends to apply to cease being a reporting issuer in every Canadian province and territory, as the Marquee release had said would follow completion.

Roots was founded in 1973 and operates more than 100 locations in Canada, two stores in the United States and an eCommerce platform, according to Retail Insider. It also has more than 100 partner-operated stores in Asia and a branded storefront on Tmall.com in China.