The company is looking to raise roughly $200 million in the stock sale for its portfolio of burger, chicken and sausage replacements, selling 8.75 million shares of common stock at an upper limit of $21 per share that would value Beyond Meat at more than $1 billion.
The Los Angeles-based company’s public offering should be a nice windfall for the Chicago-based investors DNS Capital, an investment firm managing the private wealth of the Pritzker family, and Cleveland Avenue, founded by former McDonald’s executive Don Thompson; as well as the venture capital firms Kleiner Perkins and Obvious Ventures.
All told, Beyond Meat has raised $122 million from investors, including Obvious Ventures, Kleiner Perkins, Cleveland Avenue, DNS Capital, Tyson Ventures, Bill Gates, S2G Ventures and a whole host of other firms, according to Crunchbase.
It is also no coincidence that both were female and both from outside the Quebec-Ottawa power centre that has controlled postwar Canada for generations.
The country’s federal government, civil service, regulated industries, Crown corporations and its surrounding infrastructure of law firms, public and government relations outfits, are populated with people who went to the same schools and grew up in Quebec, Ottawa, or Rosedale.
These people move in and out as advisers, consultants, deputy ministers, Senators, Crown corporations, directors, bank bigshots, or CEOs of government agencies as well as regulated corporations, dependent on Ottawa.
Beyond the scandal, the truth is that, as currently constituted, Canada is not a meritocracy, but a parochial place run by cronies who keep out others and act as though they own it.
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Silla Brush (Bloomberg) -- The finance industry’s dependence on a handful of large cloud computing companies to store key data is an emerging threat to financial stability, requiring new legislation to guard against vulnerabilities, according to three top European financial regulators.
The majority of European financial firms use a handful of providers for cloud computing, a market dominated by Amazon.com Inc., Microsoft Corp and Alphabet Inc.’s Google.
The regulators, which set standards for financial regulation across the EU’s 28 member states, said policy makers in Brussels should consider creating a new oversight system for cloud computing services that are critical to financial firms.
In February, the Financial Stability Board said “BigTech” is moving into the finance business and could quickly upend the banking industry, introducing new risks to the financial system.