Dollarama Top Shareholder Sells Shares
Dollarama announced today that its main share holder, Bain Dollarama (Luxembourg) One S.à r.l—owned indirectly by Bain Capital Partners advised funds, has agreed to sell its remaining shares. Totalling 9,157,446 in common Dollarama shares valued at $32.50, the remaining stake to go for approximately $297 million.
"We are pleased to have been able to count Bain Capital as one of our major shareholders," said Lawrence Rossy, Dollarama's Chief Executive Officer. "The company will continue to benefit from the vast experience and expertise of the Bain Capital representatives that currently serve on our board of directors."
The sale, expected to close on June 30th, is a subtle discount to Dollarama’s share price close of $32.75 on Monday on the Toronto Stock Exchange. The sale is to an undisclosed financial institution.
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Bain Capital, which has extensive experience in investing in Canada, bought its Dollarama shares in 2004.
Dollarama has been doing well this year, as it announced in April the plans to open 50 new stores. At that time, it revealed that its profit has jumped 23 per cent in its fourth quarter.
Dollarama, Canada’s leading dollar store operator, got its start in Montreal in 2009. With 667 locations across Canada, Dollarama provides customers with value and convenience. In sales, Dollarama aims to present customers with a broad assortment of everyday consumer products, general merchandise and seasonal items for under $2.