McCain Foods invests in TruLeaf Sustainable Agriculture

McCain Foods Limited has acquired an undisclosed stake in TruLeaf Sustainable Agriculture Limited.

Founded in 2011, Bible Hill, Nova Scotia based TruLeaf is a developer of indoor farming system that grows fresh plants for food and medicines anywhere in the world, regardless of environment, 365 days a year.

McCain Foods is actively engaging with entrepreneurs in developing and commercializing agri-food technologies; the strategic investment in TruLeaf is in direct support of McCain Foods’ innovation strategy.

In December 2016, TruLeaf Sustainable Agriculture closed an $8.5 million equity finance round led by Mike Durland, former CEO and Group Head of Scotiabank’s Global Banking and Markets with participation of a small group of strategic investors from Toronto, including Neil Murdoch, former CEO of Connor, Clark & Lunn Capital Markets, and Jeff Watson, President & COO of Apotex.

TruLeaf Sustainable Agriculture secured $250,000 in seed financing from Innovacorp in 2012.

photo credit: TruLeaf Sustainable Agriculture

News Release

McCain Foods makes significant strategic investment in vertical farming

​TORONTO, April 12, 2018: McCain Foods Limited has completed a strategic investment in TruLeaf Sustainable Agriculture, a highly innovative Canadian agricultural technology company. TruLeaf has developed proprietary indoor vertical farming technology to grow fresh and nutritious leafy greens of high quality and flavour, in an environmentally sustainable way, 365 days per year.

Since its inception in 2011, the Company has assembled a strong team of leading experts to develop and advance these proprietary growing systems, that can be located anywhere, from the heart of an urban centre to remote communities with harsh climates. TruLeaf currently sells its produce in Atlantic Canada under the GoodLeaf brand, in retail and food service channels.

McCain Foods is actively engaging with entrepreneurs in developing and commercializing agri-food technologies; the strategic investment in TruLeaf is in direct support of McCain Foods’ innovation strategy.

Commenting on the partnership, Max Koeune, President and CEO of McCain Foods Limited said, “McCain has a 60 year track record of advancing agricultural practices to the benefit of crop quality and environmental standards. Over this time, we have worked closely with many research institutions, technology partners and of course, our global network of growers. We remain committed to this approach and as such are always looking to partner with innovative businesses like TruLeaf to continue to set new standards for environmental care and efficient crop production, through advancing agricultural technology”.

Gregg Curwin, TruLeaf Founder and CEO said, “We are extremely pleased to be entering this next phase of development and growth with such a strong leading global food company as McCain Foods. We believe this partnership will accelerate TruLeaf’s farm build-out, providing high quality, local, fresh produce to more Canadians while also expanding our reach to other countries around the world.”

About McCain Foods Limited:

McCain Foods Limited is the world’s largest manufacturer of frozen potato products and a global leader in appetizers and snacks. It employs approximately 20,000 people, operates 53 production facilities on six continents and generates annual sales in excess of CDN $9 billion.

About TruLeaf:

TruLeaf is a revolutionary data-driven company that improves food production predictability through precision agriculture without the use of pesticides, herbicides or fungicides. The company’s system leverages vertical farming technology to create efficient, controlled indoor farms to meet the needs of retailers, food service and consumers. Significantly disrupting the conventional leafy green supply chain in North America, TruLeaf sells its produce under the GoodLeaf brand, through a fully owned subsidiary, GoodLeaf Community Farms Limited, established to grow and market packaged produce in North America and beyond.

For enquiries please contact Andrea Davis, McCain Foods

Andrea.DAVIS@mccain.ca


Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted is President of CPE Media Inc., an independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry.
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