Private equity firm buys majority stake in fashion designer Joseph Ribkoff

MONTREAL - Private equity firm Novacap has acquired a majority stake in Canadian fashion designer Joseph Ribkoff.

Financial terms of the deal were not immediately available.

The clothing designer was founded by Joseph Ribkoff in 1957, when he was 21 years old.

Ribkoff says the company will benefit from the Canadian private equity firm's financial backing, expertise and network to grow and consolidate its position.

The deal was financed by the Novacap Industries IV Fund, in partnership with the Fonds de solidarite FTQ, founder Joseph Ribkoff and company executives.

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