Mohr Davidow Ventures finally exits BuildDirect, 10 years later

CPE News

CPE News (1.19.2024) – MDV IX, L.P, as the nominee for MDV IX and MDV ENF IX, L.P. has announced that on January 18, 2024 it sold 4,859,296 common shares of BuildDirect.com Technologies Inc. (TSX-V: BILD) to Kinderhook 2, L.P. by way of a share purchase agreement for aggregate gross proceeds of CDN $1,943,718.40

Immediately following the sale of the common shares, MDV will no longer hold any common shares of BuildDirect.com.

Mohr Davidow Ventures (MDV) had been an investor/shareholder in BuildDirect.com since January 2014.

MDV led a CDN $17 million Series B with $16 million investment, with participation of BDC Capital Inc. ($1 million) in BuildDirect in January 2014. MDV led a US $28 million CCAA exit financing in March 2018, with support of existing investors Fidelity Investments Canada ULC, Pelecanus Investments Ltd., Lyra Growth Partners Inc., and Beedie Investments Ltd..

Founded in 2003, Kinderhook Partners makes long-term investments in public and privately held companies worldwide.

With the share acquisition, Kinderhook Partners will own 6,906,796 common shares representing approximately 16.47% of the issued and outstanding shares, becoming the 2nd largest shareholder in BuildDirect, behind of Pelecanus Investments Ltd. (15,713,367 shares), ahead of Lyra Growth Partners Inc. (6,004,403 shares) and Beedie investments Ltd. (5,565,605 shares).

NEWS RELEASE

MDV IX, L.P.
2121 S. El Camino Real, Ste 200, San Mateo, CA 94403, United States

January 18, 2024 – MDV IX, L.P (“MDV IX”), as the nominee for MDV IX and MDV ENF IX, L.P. (“MDV ENF” and together with MDV IX, the “Vendors”) is pleased to announce that on January 18, 2024 it sold 4,859,296 common shares (the “Common Shares”) of BuildDirect.com Technologies Inc. (the “Issuer”) to Kinderhook 2, L.P. (the “Purchaser”) by way of a share purchase agreement for aggregate gross proceeds of C$1,943,718.40 (the “Purchase Price”).

Prior to the sale of the Common Shares, the Vendors held 4,859,296 common share which equals approximately 11.5% of the issued and outstanding Common Shares of the Issuer. Immediately following the sale of the Common Shares, the Vendors will no longer hold any Common Shares of the Issuer. The Common Shares of the Issuer are listed on the TSX Venture Exchange under the symbol “BILD”. The Vendors have disposed of the securities of the Issuer for investment purposes.

An Early Warning Report respecting the sale of the Common Shares has been filed on the System for Electronic Document Analysis and Review under the Issuer’s profile and can be viewed at www.sedarplus.com or obtained from Bill Ericson at 650-687-5000.