Roots Canada Ltd. hired banks to prepare an initial public offering this year, according to people familiar with the matter.

The clothing company, known for its casual wear emblazoned with Canadian flags and beaver logos, is working with Toronto-Dominion Bank, Credit Suisse Group AG and Bank of Montreal on the share sale, the people said, asking not to be identified as the details aren’t public. Roots could seek to raise about $200 million, they said.

In 2015, the Toronto-based company agreed to sell a majority stake to New York-based private equity firm Searchlight Capital Partners.

“We are a private company and do not release financial results, expansion plans or investment decisions,” Roots CEO Jim Gabel told BNN via email.

Representatives for Credit Suisse, TD and Searchlight declined to comment. BMO didn’t immediately respond to requests for comment.

Founded in 1973 by Michael Budman and Don Green, Roots began with one small store in Toronto. It now has more than 200 retail stores in Canada, the U.S., China and Taiwan, selling products from athletic wear and leather bags to home furnishings, according to its website.

- with files from BNN.ca