Power Corp (TSE:POW) announced the closing of an initial $210 Million of aggregate capital commitments for Lios Fund I. The funding round has seen the participation of The Canada Life Assurance Company, Farm Credit Canada (FCC), Export Development Canada (EDC), Fonds de solidarité FTQ, BMO Capital Partners, and CIBC. The Equity platform will enable the company to invest in sustainable agri-food solutions as people seek solutions to face inflation. Within the platform’s investment categories, controlled environment agriculture (or indoor vertical farms) is expected to have a significant proportion.
“We are pleased to support Power Sustainable Lios on the creation of its private equity platform empowered to invest in medium-sized businesses innovating in the sustainable agri-food sector,” said Carl Burlock, Executive Vice President, and Chief Business Officer, EDC. “From a trade perspective, agricultural exports are a significant contributor to our economy, and EDC is focused on enabling growth and investment into Canadian agri-food exporters in collaboration with partners like Power Sustainable Lios. Through these collaborations, we can collectively meet the rising global demand for food while developing more sustainable ways to export food products around the world.”
Power Sustainable Lios invests in midsized companies operating across the food chain in North America, partnering with owners and operators to further their growth. Through majority or meaningful minority ownership participation, the fund aims to support companies who are well positioned to prioritize and improve sustainability across our food system, addressing changing consumer behaviours, constrained natural resources, and building greater resilience.
“As a catalyst for Canada’s agriculture and food industry, this investment demonstrates our long-term commitment to promoting sustainable initiatives throughout the food value chain” said Rebbecca Clarke, Vice-President and Treasurer at FCC.