Skip to content.

Instar partners with management to acquire Greenwood Mushrooms Development Corp. from Novacap

Date Closed

June 29, 2022

Lead Office


On June 29, 2022, Instar Asset Management Inc. (“Instar”) acquired Greenwood Mushrooms Development Corp. ("Greenwood"), in partnership with Greenwood management from Novacap. Instar’s investment will support the further expansion of Greenwood’s facilities to meet growing customer demand.

Greenwood Mushrooms Development Corp., based in Ashburn, Ontario, is a premier controlled environment agricultural producer of mushrooms. Greenwood’s operations include the only fully enclosed composting facility in North America and two state-of-the-art indoor mushroom production facilities that produce approximately 27 million pounds of premium-quality mushrooms per year.

Instar is a private equity firm focused on North American middle-market opportunities in the infrastructure sector and other alternative real asset categories.

McCarthy Tétrault is advising Instar with a team led by Jake Irwin and Jonathan See that included Chanelle Bristol, Hailey Schenker, Ian Mak, Jamie Becker (Business), Patrick McCay, Stephanie Dewey, Dean Xiao (Tax), Joanna Rosengarten (Environment), Ben Aberant , Nicole Deniset (Labour & Employment), Deron Waldock (Pensions & Benefits), Oliver Borgers, Gideon Kwinter (Competition), Vincent Yip (Intellectual Property), Ted Cox (Real Property & Planning), William Lee (Financial Services), Martha Harrison (Litigation), Stephane Duval, and Shefali Tanna (MT>iplus).