⚠️ We Want Your Feedback
Please complete this short 2-minute survey. Your input helps us create the content that matters most to you.
Thank you for being an essential part of our community.
In this edition of Built to Sell News, we explore Mike Fata’s remarkable journey from a high school dropout to co-founder of Manitoba Harvest, the company that popularized Hemp Hearts across North America. As a pioneer in the hemp food industry, Mike built Manitoba Harvest into one of the most recognized brands, ultimately leading to a $419 million exit.
Here’s what you’ll learn from Mike’s experience:
- How he transformed Hemp Hearts into a household name by emphasizing quality and nutritional value
- Funding early growth by strategically partnering with farmers
- Navigating the leap from niche health food stores to mainstream grocery chains
- Essential terms to watch for when considering institutional investors
From humble beginnings to making Hemp Hearts a household name, Mike’s story is packed with insights to help your business become built to sell.
Quote of the Week
I was playing the forever game.
Mike Fata on his approach to building Manitoba Harvest as a mission-driven business focused on creating long-term value rather than planning for a quick exit.
The Trophy
To celebrate the sale of his company, Mike Fata initially treated himself to a brand-new Range Rover. But he recently adopted a unique twist: instead of waiting until after a sale, Mike now buys a “trophy” as soon as he gets involved with a new business. The trophy serves as a daily motivator, reminding him of the vision and success he’s working towards.
Deals
- Sharp Reflections GmbH, which creates software used by geophysicists to analyze and interpret seismic data for the energy industry, has been acquired by Computer Modelling Group Ltd. (TSX: CMG) for $37 million. Over the past year, Sharp generated about $14.7 million in revenue, mostly from recurring software subscriptions, along with some service income. The purchase price represents a revenue multiple of roughly 2.5 times the annual sales.
- Tampa Bay Steel Corporation, a company that provides steel products and services, is being acquired by Russel Metals Inc. (TSX: RUS) for $79.5 million, subject to standard adjustments. Over the past five years, Tampa Bay Steel has generated average annual revenues of $115 million and adjusted EBITDA of $13 million. The acquisition price reflects an EBITDA multiple of approximately 6.1 times.
