Stern Partners has entered into a definitive agreement to purchase men’s clothing retailer Grafton Apparel.

Toronto-based Grafton owns and operates stores under the Tip Top, George Richards and Mr. Big & Tall banners across Canada. The retailer will continue to independently operate and grow its retail and e-commerce business, the companies said in a news release.

Vancouver-based Stern is an investment firm with more than 30 years of experience investing in a diverse range of operating companies, including many in the apparel industry.

“Stern Partners brings us the benefit of strategic Canadian investors who understand the retail landscape and we look forward to leveraging their insight and resources to help us deliver even better value to our customers and enhanced growth for Grafton,” said Lance Itkoff, Grafton’s president and CEO

The acquisition comes while Grafton is expanding. The retailer opened two new Tip Top stores in Quebec this fall and plans to open two more in the province in early spring 2024.