{"id":4018,"date":"2023-03-30T20:43:13","date_gmt":"2023-03-31T00:43:13","guid":{"rendered":"https:\/\/www.millerthomson.com\/deals-cases\/steer-closes-18-million-direct-investment-into-its-digital-restaurant-supply-business\/"},"modified":"2026-03-25T18:13:48","modified_gmt":"2026-03-25T22:13:48","slug":"steer-closes-18-million-direct-investment-into-its-digital-restaurant-supply-business","status":"publish","type":"deals-cases","link":"https:\/\/www.millerthomson.com\/en\/deals-cases\/steer-closes-18-million-direct-investment-into-its-digital-restaurant-supply-business\/","title":{"rendered":"STEER closes $18 million direct investment into its digital restaurant supply business"},"content":{"rendered":"\n

On March 30, 2023, STEER Technologies Inc.(\u201cSTEER\u201d or the \u201cCompany\u201d) (TSXV: STER) (OTCQX: STEEF) announced that it has closed its previously-announced sale (the \u201cTransaction\u201d) of approximately 37.5% of the Company\u2019s digital restaurant supply business (the \u201cRestaurant Supply Business\u201d) to a group of investors (the \u201cInvestor Group\u201d) at a post-money valuation of approximately $47.14 million.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company\u2019s 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.<\/p>\n\n\n\n

Miller Thomson advised STEER with a team led by Geoff Clarke (Corporate\/M&A) and comprised of Jonathan Tong, Ian Polisuk (Corporate\/M&A), Michelle MacGillvray (Labour & Employment), Larry Ellis (Insolvency) , Andrew Etcovitch (Tax), and Karen Durell (IP\/IT).<\/p>\n","protected":false},"author":92,"template":"","class_list":["post-4018","deals-cases","type-deals-cases","status-publish","hentry"],"acf":[],"yoast_head":"\nSTEER closes $18 million direct investment into its digital restaurant supply business | Miller Thomson<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.millerthomson.com\/en\/deals-cases\/steer-closes-18-million-direct-investment-into-its-digital-restaurant-supply-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STEER closes $18 million 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