GrubMarket, an AI-powered technology enabler and digital transformer of the American food supply chain industry, as well as one of the largest private food eCommerce companies globally, has completed its strategic acquisition of Sustainable Produce Urban Delivery Inc. (“SPUD”), one of Western Canada’s leading online grocery businesses known for connecting consumers with high quality food sourced from local farmer, ranchers, fishers and artisan producers.
SPUD was backed by Third Eye Capital (“TEC”), a leading Canadian provider of flexible capital solutions to businesses undergoing change, challenge or complexity. SPUD’s brick-and-mortar retail banners, Blush Lane Organic Market and Be Fresh Market, were not included in the transaction and will continue to operate separately under TEC-backed ownership.
In connection with the transaction, TEC elected to participate in GrubMarket’s Series H preferred stock financing to support the ongoing modernization of the food supply chain through GrubMarket’s proprietary suite of AI-enabled products that improve efficiency and reduce waste.
Pulse Law acted as lead Canadian counsel to GrubMarket on this transaction with a team that included Todd Bissett, Josh Rosen, Joseph Hunter, Saam Rehman, Janelle Douthwright and Cynthia Thorne. The Pulse Law team acted alongside O’Melveny and Myers LLP as lead US counsel and with support from Lawson Lundell LLP.
