A food company in Canada is hoping to turn the $300 million it raised from its IPO into cash that will allow it to reinvest in its business.
Canadians for Prosperity said Friday it raised a total of $37.5 million in a Series B round led by the private equity firm Darden Capital, with $30 million in private funding.
The money will help the company ramp up production of its popular fruit and vegetable baskets and to pay down debt and debt service, the company said.
The company also hopes to build a new distribution center in Vancouver, a move that will help it increase its Canadian sales.
Darden Capital is investing $50 million in the company’s equity to help it fund its expansion plans.
Canadiens for Prosperities is Canada’s largest food retailer.