Novacap announces sale of Greenwood Mushrooms Development Corp. to Instar Asset Management Inc
June 29, 2022
Greenwood Mushrooms Development Corp. (Greenwood), a Novacap Industries IV portfolio company and leading mushroom producer in Canada, has been acquired today by Instar Asset Management Inc. a private equity firm focused on North American middle-market opportunities in the infrastructure sector and other alternative real asset categories.
Novacap, through its investment in the company in May 2016, backed Greenwood to become a leading North American mushroom producer. Over the course of their partnership, Greenwood has expanded its Manchester farm, and almost doubled its production. The company’s operational excellence is conducive to its continued growth, Instar’s investment will support the further expansion of Greenwood’s facilities to meet growing customer demand.
National Bank Financial (lead) and Rabobank acted as financial advisors to Greenwood, and Stikeman Elliott acted as legal advisor.