Montreal’s David’s Tea brewing up U.S. IPO with US$75-million expansion plan

Containers of tea at DAVIDs TEA shop in Montreal , February 4, 2011.

Toronto –?Montreal-based David\’s Tea has arranged Wall Street titans to underwrite a preliminary public offering of their shares in the usa with an aim to raise US$75 million to fuel its United states expansion plans – including Goldman Sachs, J.P. Morgan, Bank of the usa, and Merrill Lynch, in addition to BMO Capital Markets and William Blair.

The specialty tea chain with a distinctive teal and white logo was founded in 2008 by entrepreneur David Segal and his cousin Herschel Segal, founding father of the fashion chain Le Chateau. It\’s 158 stores across Canada and also the U.S. and it is known for a creative lineup of 150 loose-leaf tea blends, most of them rotating on the seasonal basis.

\”We believe there is a highly attractive, long-term growth opportunity for our store base in North America with a possibility of up to one more 100 stores in Canada and up to an additional 300 stores in the usa, based on management estimates,\” the organization said within an April 2 filing with the U.S. Securities and Exchange Commission.

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