Roots’ Canadian retail footprint is set to come under new ownership after the apparel chain agreed to a $161-million deal led by Marquee Brands and a Joe Mimran-led operating group.

The late-Thursday agreement values Roots at $4.10 per share, a 36% premium to its March 2 closing price, before the company announced a strategic review. Closing is targeted for the fourth quarter, subject to approvals.

The deal places a leased portfolio in experienced retail hands. Roots operated 96 permanent stores and 11 pop-ups in Canada at the end of its first quarter, plus two U.S. stores. Most occupy high-performing malls or premium street locations.

All North American stores are leased.

Roots is shifting fulfilment from its 209,948-square-foot Mississauga distribution centre, whose lease was scheduled to expire July 31, to a Metro Supply Chain facility in Bolton under a 10-year agreement. The company expected the new operation to be running by the end of its second quarter but has not confirmed completion.

“Few brands are as deeply connected to Canada’s identity as Roots,” said Mimran, president and creative director of JM&A. The group will oversee design, manufacturing, distribution, e-commerce and the stores.

Roots began in 1973 when Michael Budman and Don Green, inspired by summers at Camp Tamakwa in Algonquin Park, opened a Yonge Street store in Toronto selling the negative-heel Sport Root shoe. It later became known for leather goods, premium sweats and Olympic apparel.

Roots’ incoming operators have experience acquiring Canadian brands and rebuilding retailers under private ownership. Mimran co-founded Club Monaco and later created Joe Fresh for Loblaw.

Separately from Marquee, Mimran and his partners own or control Tilley, Kit and Ace and Mastermind Toys. Their group bought most of Mastermind out of creditor protection, preserving 48 of its 66 stores.