Local Entrepreneurs Secure Dragons’ Den Deal
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Image: Cedar Valley Facebook Page
Cedar Valley, a Tecumseh based pita chips manufacturer, pitched their pita chips business to investors on yesterday’s episode of Dragons’ Den and accepted a million-dollar deal.
Co-owners and mother and son duo Ameen Fadel initially asked the panel for an investment of $250,000 for a 5% stake in Cedar Valley but walked away with $1 million for 20% ownership.
The deal was made with longtime Dragons’ Den investor Arlene Dickinson, who is the founder and general partner of District Ventures Capital, a firm that invests in the food and beverage and health and wellness sectors. The deal is now in the due diligence process and has not officially closed, although Cedar Valley is confident the deal will be finalized.
“We are hoping to use the investment to purchase additional equipment to increase our production output and product consistency and bring product costs down. This would allow us to scale and bring on new business across Canada and into the US,” said Ameen Fadel, founder and president of Cedar Valley.
Cedar Valley manufactures its products, which includes a line of flavoured pita chips and salad dressings, in a 5,000-square-foot (465 square-metre) facility that employs 16 people. The company plans to invest in people, bringing on new team members who can help fuel brand growth in various areas. Cedar Valley has previously secured nearly $600,000 in government funding, but the Dragons’ Den deal represents their first private investment.
