The Canadian sports fashion chain has sold a majority stake in the fashion company to private investment firm Searchlight Capital Partners. Financial terms were not disclosed.
Co-founders Michael Budman and Don Green said in an announcement Monday they have ceded control of the company they founded in Toronto in 1973 to "support the brand's next phase of growth."
"We have partnered with the Searchlight team as a result of their passion for Roots and their strong consumer experience with other exceptional brands," Green explained.
Co-founders Green and Budman, who said they were inspired to create the brand by their love of the Canadian wilderness, will remain involved with the retailer.
The private equity firm has previously invested in M&M Meat Shops and Hunter Boot, as they praise themselves on having experience investing in "heritage brands."
For the time being, Searchlight´s plans for Roots include a strong international expansion plan for the Canadian brand.
Roots launched in the 1970s, and burst onto the international stage when it designed uniforms for the Olympic Games.
It currently operates 220 retail locations in Canada and also has locations in USA and Asia. It operates a factory and distribution centre in Toronto for its leather goods, as all its products are designed in Canada.