Sol Cuisine Inc. has closed a $13 million round of growth capital financing led by Avrio Capital Inc. and with participation of Export Development Canada (EDC) and Investeco Capital Inc.
In connection with the financing, Jonathan Goodkey from Avrio and a representative from EDC will join the board of directors at Sol, while Steve Leakos will be added as an observer.
Founded in 1980 by Dror Balshine, Mississauga, Ontario based Sol Cuisine is a trusted Canadian legacy brand catering to a growing community of retail and food service customers in search of alternative, plant-based proteins manufactured on a Gourmet Vegan, Non-GMO, wheat and gluten-free basis that also contain many popular superfoods.
photo credit: Sol Cuisine Inc.
News Release
Avrio Capital Leads Investment in leading alternative protein brand, Sol Cuisine Inc.
CALGARY and TORONTO, May 3rd, 2018 – Avrio Capital Inc. (“Avrio”) is pleased to announce that it has recently led and closed a syndicate that has provided C$13M of growth capital to Sol Cuisine Inc. Avrio has partnered with Export Development Canada (“EDC”) and Investeco Capital Inc. (“Investeco”) to consummate the transaction. Based in Toronto, ON., Sol Cuisine Inc. (“Sol” or “Company”), is one of the leading brand platforms in the burgeoning alternative protein space. Founded in 1980, Sol Cuisine is a trusted Canadian legacy brand catering to a growing community of retail and food service customers in search of alternative, plant-based proteins manufactured on a Gourmet Vegan, Non-GMO, wheat and gluten-free basis that also contain many popular superfoods. The Company offers a wide selection of convenient great tasting options including veggie burgers, veggie breakfast patties, tofu and other frozen and fresh meat alternatives. Avrio is one of Canada’s longest standing venture franchises having accumulated 15 years of investment experience in food and agricultural technology. Jonathan Goodkey from Avrio and a representative from EDC will join the Board of Directors at Sol effective immediately, while Steve Leakos will be added as an observer.
“We are thrilled to have added a leading sustainable protein platform to our portfolio. The prospects for this vertical continue to accelerate and as a key element of our overall investment thesis, we are pleased to have been able to complete this investment. We are truly excited to watch the many places this brand will travel over the coming years.” said Aki Georgacacos, Managing Partner at Avrio Capital. “From the beginning, we recognized the conviction of the Avrio team in aggressively pursuing the opportunity in this sector. With EDC’s expertise in driving growth outside of Canada, and Investeco’s commitment to this space, the clear alignment amongst each of our new investors, we are confident that this partnership will bring the necessary resources to propel Sol onto a very steep growth trajectory.” commented Dror Balshine, Founder and CEO of Sol.
The investment focus of Avrio Fund III remains in the agriculture and food technology sectors, where the firm has posted industry leading results with investments in companies such as Farmer’s Edge, Manitoba Harvest, Wolf Trax Inc., and Brookside Foods. Avrio has now concluded eleven investments out of its third fund, which closed with total commitments of $110M. The fund is actively seeking quality opportunities to deploy $2-$10M in dynamic, growing agricultural and food technology companies seeking growth or expansion capital to address global issues related to health, wellness and sustainability.
About Avrio Capital Inc.
The Avrio group of entities was established in 2002 to identify and invest in innovative food and agriculture companies that provide solutions to global challenges in the areas of health, wellness and sustainability. As the global pioneer in ag and food technology investing, the team has been a very active investor in the space for almost 15 years, having completed over fifty investments since its inception. Avrio is a highly active investor, working closely alongside of their portfolio companies to provide the support and resources needed to transform emerging companies into global leaders.
About Sol Cuisine Inc.
Sol Cuisine was born in 1980. It started life as a manufacturer of high quality tofu for Toronto vegetarian restaurants and expanded from there. Today, Sol Cuisine is a trusted Canadian brand catering to a growing community of retail and restaurant consumers in search of Non-GMO, Wheat and Gluten-Free, Kosher, Halal and Organic vegan products.
With a focus on natural vegan foods that are delicious and healthy, Sol Cuisine offers a wide selection of veggie burgers, veggie breakfast patties, tofu and other frozen and fresh meat alternatives.
For further information: Media Contact: Randi Lethebe, Rlethebe@avriocapital.com, 403.215.5492, www.avriocapital.com