Instar partners with Greenwood Mushrooms to expand controlled environment agriculture

On June 29, 2022, Instar Asset Management Inc. announced a strategic investment in Greenwood Mushrooms Development Corp., a leading controlled environment agricultural producer of mushrooms. Previously owned by Novacap, Greenwood is headquartered in Ashburn, Ontario, and is known for its advanced vertical integration and technological innovations, including North America's only fully enclosed composting facility. Producing approximately 29 million pounds of mushrooms annually, Greenwood serves major retailers and food service companies across Canada and the United States.

Instar's investment aims to support the expansion of Greenwood's facilities to meet growing demand. The company’s experienced management team, led by CEO Clay Taylor, will continue to oversee operations. Morty White, Managing Partner at Instar, highlighted the importance of Greenwood’s high-quality service and long-term customer relationships. Stephen Simpson, Partner at Instar, emphasized the partnership's role in enhancing agricultural sustainability and local food security.

Financial terms of the transaction were not disclosed. Legal advisors for Instar included McCarthy Tétrault LLP, while Greenwood was advised by National Bank Financial, Rabobank, and Stikeman Elliott. This partnership is expected to bolster Greenwood's growth and innovation in the agricultural sector.

Deal Type

Merger & Acquisition

Industry

Agriculture

Transaction

Undisclosed/Confidential

Deal Status

Closed

Closing Date

29 June 2022