Sol Cuisine to take plant-based business public in Canada | Food Industry News

Sol Delicacies is looking for a list on TSX Enterprise Change
Sol Delicacies, a Canadian plant-based enterprise, plans to go public via a reverse takeover of shell firm Platform 9 Capital Corp.

Dror Balshine based Sol Delicacies in 1996 as a producer of meat-free appetisers, entrées, vegetarian burgers and tofu for the retail and foodservice channels. Its non-GMO, natural, and wheat- and gluten-free merchandise are produced on the firm’s manufacturing facility in Mississauga, Ontario. 

The transaction is being overseen by funding administration agency Canaccord Genuity Corp. as Sol Delicacies seeks a list on the nation’s TSX Enterprise Change by way of the reverse takeover, which doesn’t require the corporate to undergo an preliminary public providing.

Platform 9 has signed a letter of intent with Sol Delicacies which can see the latter bear a non-public placement of so-called subscription receipts within the plant-based enterprise to the worth of CAD30m (US$23.9m), with an choice to extend the providing by an additional CAD4.5m. These receipts can then be exchanged for one frequent share in Sol Delicacies. 

Completion of the deal is topic to a variety of situations, together with due diligence, the signing of a definitive settlement, regulatory approvals and the acceptance of the transaction by TSX, in accordance with a submitting from Platform 9, which is listed on the identical trade.

just-food has approached Sol Delicacies for additional touch upon the transaction however had not acquired a reply on the time of writing.

Final autumn, Sol Delicacies raised US$10m headed up by the venture-capital arm of Canada’s BDC financial institution, including to 3 earlier financing rounds the place the quantities haven’t been disclosed. The corporate deliberate to make use of the funds to develop distribution in Canada and the US and to spend money on its Mississauga plant. 

Its chairman Mike Fata and chief government John Flanagan additionally put in their very own funds. 

Sol Delicacies’s merchandise are bought in Entire Meals Market, Albertsons, Safeway, Goal, Kroger, Loblaws, Sobeys and Metro. 

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