Sol Cuisine, a Canadian plant-based business, plans to go public through a reverse takeover of shell company Platform 9 Capital Corp.

Dror Balshine founded Sol Cuisine in 1996 as a manufacturer of meat-free appetisers, entrées, vegetarian burgers and tofu for the retail and foodservice channels. Its non-GMO, organic, and wheat- and gluten-free products are produced at the company’s factory in Mississauga, Ontario. 

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The transaction is being overseen by investment management firm Canaccord Genuity Corp. as Sol Cuisine seeks a listing on the country’s TSX Venture Exchange via the reverse takeover, which does not require the company to go through an initial public offering.

Platform 9 has signed a letter of intent with Sol Cuisine which will see the latter undergo a private placement of so-called subscription receipts in the plant-based business to the value of CAD30m (US$23.9m), with an option to increase the offering by a further CAD4.5m. Those receipts can then be exchanged for one common share in Sol Cuisine. 

Completion of the deal is subject to a number of conditions, including due diligence, the signing of a definitive agreement, regulatory approvals and the acceptance of the transaction by TSX, according to a filing from Platform 9, which is listed on the same exchange.

See Also:

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

just-food has approached Sol Cuisine for further comment on the transaction but had not received a reply at the time of writing.

Last autumn, Sol Cuisine raised US$10m headed up by the venture-capital arm of Canada's BDC bank, adding to three previous financing rounds where the amounts have not been disclosed. The company planned to use the funds to expand distribution in Canada and the US and to invest in its Mississauga plant. 

Its chairman Mike Fata and chief executive John Flanagan also put in their own funds. 

Sol Cuisine's products are sold in Whole Foods Market, Albertsons, Safeway, Target, Kroger, Loblaws, Sobeys and Metro.