Walter Capital Partners announces investment in Spud
pcJ News Briefs – Walter Capital Partners has officially announced the investment in Sustainable Produce Urban Delivery Inc. (Spud). Several existing Spud.ca institutional and individual investors from BC, Ontario and USA made additional equity commitments.
The financing closed early this year. MOI Solicitors acted as legal counsel to Spud.
Spud institutional investors include Renewal Funds and AVCA Ltd.
photo credit: Spud
Walter Capital Partners Invests in Canada’s Largest Omnichannel Grocery Company
Montreal and Vancouver, November 28, 2017- Walter Capital Partners is pleased to announce an investment to accelerate the growth of Sustainable Produce Urban Delivery Inc. (“Spud.ca”), Canada’s largest omnichannel grocery company. As part of this financing, several existing Spud.ca institutional and individual investors made additional equity commitments.
With operations in Vancouver, Victoria, Calgary and Edmonton, Spud.ca is a vertically integrated company using a proprietary technology-enabled logistics solution and its own branded products to achieve industry-leading performance metrics. The Spud.ca model offers customers a true omnichannel grocery experience, which includes direct to home through Spud.ca, pick-up at one its own Be Fresh or Blush Lane stores, as well as a subset of items from the main Spud.ca online store.
“We were attracted to the growth profile of Spud.ca because of its unique business model which enables free delivery throughout its platform, in a $120 billion Canadian industry,” said Éric Phaneuf, Managing Partner at Walter Capital. “Online grocery is happening now and the Spud.ca vision is driving the company’s success.”
“The grocery industry is changing and Walter Capital Partners brings relevant experience in the food industry and its commitment to our transformative vision for the grocery industry. Their insight and support will be invaluable as we expand our omnichannel platform, while maintaining our customer-centric approach to health and convenience,” said Spud.ca CEO Peter van Stolk.
Founded in 1997 in Vancouver, Sustainable Produce Urban Delivery Inc. has expanded into the largest omnichannel grocery company in Canada, employing over 600 people across all markets delivering fresh, local, organic produce and groceries. Committed to creating healthier communities, one choice at a time, Spud.ca’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.ca, with the first store opening in Vancouver’s Kitsilano neighbourhood in 2015 and the Blush Lane stores in 2017. For more information, visit www.spud.ca, www.befresh.ca, www.blushlane.com.
ABOUT WALTER CAPITAL
Walter Capital Partners (Walter Capital) is a private equity firm part of Walter Financial and the Walter Group of Companies (Walter Group). Walter Capital invests capital and know-how in established small and medium-sized businesses to help accelerate their growth. Drawing on the entrepreneurial values of the Walter Group and the business leadership experience of its Managing Partners, Walter Capital offers solutions that are above and beyond purely financial transactions. Headquartered in Montreal, Walter Capital has a solid international network.
Peter van Stolk, CEO
Walter Capital Partners
Eric Phaneuf, Managing Partner