Foragen Investee MCN BioProducts Sells Technology Assets to Bunge
Kirchner and Company, Inc. acted as M&A Advisor to MCN BioProducts, Inc. Saskatchewan, Canada 5 April 2012 – Foragen Technologies L.P. announced that its investee company MCN BioProducts Inc. (“MCN” or the “Company”) completed the sale of substantially all of its technology assets to Bunge Limited, a leading global agribusiness and food company. MCN (www.mcnbioproducts.com)…
Kirchner and Company, Inc. acted as M&A Advisor to MCN BioProducts, Inc.
Saskatchewan, Canada 5 April 2012 – Foragen Technologies L.P. announced that its investee company MCN BioProducts Inc. (“MCN” or the “Company”) completed the sale of substantially all of its technology assets to Bunge Limited, a leading global agribusiness and food company.
MCN (www.mcnbioproducts.com) was formed by David Maenz, Henry Classen and Rex Newkirk, University of Saskatchewan researchers, to develop new products from canola. The Company proceeded to develop a unique, patented process to manufacture value-added canola-based ingredients for the aquaculture and animal feed industries.
Todd Lahti, President & CEO of MCN said, “We have taken this technology from the lab bench to the processing floor and proven the commercial value of our new canola-based products. The time is right to pass it on to a major processor with worldwide operations. Bunge has the processing and distribution expertise and infrastructure to maximize the technology’s potential in a commercial setting.”
After spinning out from the University, MCN received its initial seed capital funding from Foragen Technologies, an agricultural technology venture capital firm. This was critical to advancing the technology to the point of interest for later stage investors. Investment followed from CIC Investment Management, GrowthWorks and FCC Ventures and this allowed the Company to finish the necessary research and development work, optimize its manufacturing process and complete product validation, all of which was necessary to attract interest from the large agribusiness firms.
Armand Lavoie, Managing Director of Foragen said, “The success of MCN is the result of hard work of MCN management, specifically Todd Lahti, and the scientific team, specifically David Maenz and Dierdre Culbert. The successful transaction was guided by Kirchner and Company, Inc. (www.kirchnerpcg.com/kirchnerandco), a boutique merger and acquisition group with strong agricultural expertise.”
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Foragen Technologies L.P. (www.foragen.com) is a Canadian investment fund dedicated to the creation and launch of technologically advanced companies in the agricultural and food technology sector. Its mandate is to promote start-ups by offering entrepreneurs seed capital, business and technology management expertise and networking opportunities that will allow them to concentrate on developing and commercializing their technologies. Foragen is sponsored by RBC Capital Partners, the CIC Investment Management and Investissement Québec.
The Foragen management team are also the founders of the newly launched Food Security Group (www.foodsecuritygroup.com).