On March 30, 2023, STEER Technologies Inc.(“STEER” or the “Company”) (TSXV: STER) (OTCQX: STEEF) announced that it has closed its previously-announced sale (the “Transaction”) of approximately 37.5% of the Company’s digital restaurant supply business (the “Restaurant Supply Business”) to a group of investors (the “Investor Group”) at a post-money valuation of approximately $47.14 million.
The deal will see the restaurant supply business spun out to FoodsUp, a newly formed subsidiary of STEER’s wholly-owned Food Hwy Canada. Following the sale, FoodsUp will sell $16.5m worth of common shares to a limited partnership controlled by the investor group, with Food Hwy selling $1.5m worth of FoodsUp shares plus a call option for 7,500 additional FoodsUp Shares to the investor group by way of a share purchase agreement.
STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company’s goal is to build a one-of-a-kind ecosystem that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER.
Miller Thomson advised STEER with a team led by Geoff Clarke (Corporate/M&A) and comprised of Jonathan Tong, Ian Polisuk, Andrew Gunpat, Mark Sandor (Corporate/M&A), Michelle MacGillvray (Labour & Employment), Larry Ellis (Insolvency) , Neil Gurmukh, Andrew Etcovitch (Tax), and Karen Durell (IP/IT).