Sustainable Produce Urban Delivery Inc.
Private Equity Financing and Recapitalization
We represented Sustainable Produce Urban Delivery Inc. (“SPUD”) in connection with a $12.8 million private placement of common shares, revising its governance arrangements among key investors and providing liquidity to existing investors. The investment was led by Walter Capital Partners, a Montreal-based private equity firm, and included additional investments by several of SPUD’s largest institutional and individual investors. The proceeds of the offering will allow SPUD to build a new warehouse distribution facility in Vancouver, continue to develop Be Fresh Local Market™ stores in BC’s Lower Mainland, and provide working capital to support continued aggressive growth of the business in current markets.
Founded in 1997 in Vancouver, SPUD has become the largest online grocery company in Canada, employing over 400 people across all markets delivering fresh, local, organic produce and groceries. Committed to creating healthier communities, one choice at a time, SPUD’s goal is to use its connection to local and organic food to help improve the places where we live and work. From this vision, Be Fresh Local Market was proudly cultivated by SPUD, with the first store opening in Vancouver’s Kitsilano neighbourhood in 2015. Be Fresh currently serves five local communities in Vancouver.