Outdoor giant MEC is back under Canadian ownership, reigniting national pride and setting the stage for a new era in local retail.

MEC Comes Home: Outdoor Retailer Returns to Canadian Ownership

After nearly four years under U.S. control, Mountain Equipment Company (MEC) is once again proudly Canadian. In a landmark announcement on May 16, the iconic outdoor retailer confirmed its acquisition by a Canadian-led investor group, signaling a powerful homecoming for one of the country’s most beloved brands.

Led by Canadian Investors With Deep Retail Roots

At the helm of this acquisition is Tim Gu, Chairman of Unisync Corp and an investor in notable Canadian brands such as Tilley and Roots. Gu emphasized the cultural significance of MEC, calling it a symbol of “adventure, resilience, and community.”

“As a lifelong believer in Canadian manufacturing and innovation, we will ensure that MEC remains an essential part of Canada’s outdoor culture for generations to come,” Gu said in a press release.

Joining Gu in the ownership group are MEC CEO Peter Hlynsky and Chief Merchandising Officer Chris Speyer—both long-standing members of the MEC community. Their involvement makes the transaction a partial management buyout, strengthening the brand’s alignment with its original values.

Reclaiming a Legacy Built on the Canadian Wilderness

Founded in Vancouver in 1971, MEC quickly became synonymous with outdoor exploration across the country. Known for its high-quality gear for hiking, climbing, paddling, and camping, the retailer grew into a nationwide chain and cultural fixture.

MEC currently operates 29 stores across Canada, including five in British Columbia: Victoria, Langley, Kelowna, North Vancouver, and Vancouver. Though local management at the Victoria store declined to comment, the broader sentiment across the brand is one of renewed purpose.

From Co-op to Private Ownership—And Back to Canadian Control

MEC’s return to domestic hands follows a turbulent chapter. In 2020, the organization was acquired by U.S.-based Kingswood Capital Management and transitioned from a member-owned co-op to a private retailer. The change sparked concern among loyal customers and outdoor enthusiasts who felt MEC’s identity was rooted in Canadian values.

With the new ownership, CEO Peter Hlynsky expressed optimism: “Today marks the beginning of MEC’s next chapter, grounded in the values that built MEC from the start. MEC being back in Canadian hands means we are more committed than ever to equipping Canadians for all trails ahead.”

A Wider Movement in Canadian Retail Repatriation

MEC’s acquisition is part of a growing trend of Canadian companies reclaiming legacy brands. Just one day earlier, Canadian Tire announced its purchase of the Hudson’s Bay Company brand, reinforcing a shift toward national consolidation in the retail landscape.

As iconic names return to Canadian stewardship, the focus sharpens on preserving identity, community values, and long-term sustainability in a globally competitive market.

Stay tuned to Maple News Wire for the latest in Canadian business, retail, and innovation.

Redstick Ventures launches $6.5M fund to fuel early-stage foodtech across Canada and the US, focusing on automation and sustainable food systems.

Redstick Ventures Fuels Foodtech Innovation with $6.5M Fund

A Windsor-St. Louis-based venture capital firm is placing bold bets on foodtech, launching a $6.5 million CAD ($5 million USD) fund to modernize how food is grown, processed, and delivered. Redstick Ventures, co-founded by Cam Crowder and Shane Larisey, is targeting startups in Canada and the US that are reimagining the future of food production.

From Tim Hortons to Tech-Driven Tables

Cam Crowder, once a Tim Hortons franchise owner, is now investing in automation and food innovation. Drawing on his experience in food service and supply chains, he’s helping lead Redstick Ventures with a clear mission: to fund technologies that make high-quality food affordable and readily available.

“Our grand vision is high-quality food that’s cheap and on demand,” said Crowder. “That’s the world we want to live in.”

Early Bets on Canadian Foodtech Startups

Redstick’s first fund has already backed 11 startups—three of them Canadian. These ventures are developing hardtech and automation tools to solve critical food industry challenges. Notably, Toronto-based Gastronomous is building automated kitchen grills, and Cambridge-based Mirsee develops remote-controlled humanoid robots for industrial settings.

Solving a Growing Problem with Shrinking Resources

Redstick’s thesis goes beyond financial returns. The firm is responding to a looming crisis in the food sector driven by labour shortages, aging populations, and restrictive immigration policies in North America.

According to industry reports, Canada will need 92,000 new food processing workers by 2030. Redstick sees AI and automation as vital tools to bridge that gap and ensure long-term food security.

Weathering a Tough Fundraising Climate

Launching the fund wasn’t easy. Crowder, a first-time fund manager, faced a challenging capital environment. Canadian emerging managers have seen sharp declines in fundraising—from $1.2 billion across 28 funds in 2022 to just $172 million across eight funds in 2024.

Crowder admitted they “built the plane in the air” while raising, but ultimately decided to demonstrate fund management capabilities rather than relying on special purpose vehicles. The fund is now one-third deployed, with average cheque sizes of $100,000 USD.

Scaling Ambitions and Strategic Partnerships

With an eye toward institutional capital, Redstick plans to begin raising its second, larger fund once Fund I hits 50% deployment. The firm also recently partnered with the Canadian Food Innovation Network (CFIN) to spotlight emerging foodtech founders through the Food Frontier 25 program.

Tapping Into Foodtech’s Untapped Potential

A recent CFIN report noted Canada lags behind global peers in scaling foodtech startups, with a heavy dependence on public funding and a 20% lower share of VC-backed agtech investment compared to the US and UK.

Crowder, however, remains optimistic. Despite trade tensions and global uncertainties, he sees growing interest in local supply chains as an opportunity to innovate domestically.

“Ten years from now, maybe we can grow an avocado or coffee bean in a greenhouse right here,” he said.

Stay tuned to Maple News Wire for the latest developments in Canadian venture capital and food innovation.

Ontario 2025 budget overlooks tech leaders’ call for innovation funding, despite a projected $14.6B deficit and growing economic concerns.

The 2025 Ontario budget has landed—and for the province’s tech sector, it misses the mark. Despite an open letter from 75 CEOs urging Premier Doug Ford to prioritize homegrown innovation, the government’s latest fiscal plan offered few answers and even fewer dollars for technology development.

As the province stares down a staggering $14.6 billion deficit—$10 billion more than last year—tech leaders argue that reactionary gestures won’t suffice.

Bold Promises, Modest Delivery

One of the few bright spots in the budget is the $90 million injection into Venture Ontario, the province’s venture capital arm. This is split into two key allocations: $50 million for VC funds targeting defence tech, AI, and cybersecurity, and $40 million for those investing in life sciences and biomanufacturing.

Another notable allocation is the $73 million in renewed support for the Ontario Vehicle Innovation Network (OVIN), a program that backs R&D efforts and regional tech incubators in the automotive and mobility space.

The budget also reaffirmed a $750 million commitment to STEM education—a figure that, while significant, does little to address structural innovation challenges.

CEOs’ Open Letter Goes Unanswered

In March, the Council of Canadian Innovators (CCI) rallied top Ontario CEOs in an open letter calling on the government to reform procurement and invest more aggressively in domestic companies. These recommendations were largely overlooked in the new budget.

Skaidra Puodžiūnas, CCI’s Ontario Director, acknowledged the Venture Ontario boost but said the province failed to show “transformational leadership.” She stressed that high-growth companies need more than reactive policies—they need systemic support.

Health Innovation Pathway Still in Limbo

The budget also offered no updates on the Health Innovation Pathway (HIP), a procurement modernization initiative aimed at giving healthtech companies better access to public sector contracts. Despite launching phase two in October and promising rapid implementation, the province has missed key deadlines.

Able Innovations CEO Jayiesh Singh, who co-signed the open letter, expressed disappointment, citing the stark contrast between the province’s limited innovation commitments and its hefty $2.5 billion investment in Honda’s Ontario expansion. Singh noted that while intentions may be sincere, the scale of action is lacking.

Foreign Investment Overshadows Local Growth

Ontario’s continued focus on foreign direct investment (FDI) has sparked frustration. While funding has poured into multinational projects, like a new Siemens R&D centre, local innovators feel left behind. Adding to the tension, Ford’s retaliatory policy against U.S. firms includes exemptions—allowing companies with over 250 Canadian employees to bypass restrictions.

As the province juggles trade wars, economic uncertainty, and a ballooning deficit, industry voices warn that without a firm commitment to domestic innovation, Ontario risks long-term competitiveness.

Stay tuned to Maple News Wire for more insights on policy, innovation, and tech leadership.

Exro, LeddarTech, and Lion Electric face financial turmoil, highlighting deeper struggles in Canada’s auto tech sector amid trade and market challenges.

Canada’s once-promising auto tech sector has hit a dangerous skid. Three major companies—Exro Technologies, LeddarTech, and Lion Electric—are facing simultaneous financial emergencies, painting a grim picture of an industry in distress.

LeddarTech Scrambles to Avoid Default

Québec City-based autonomous vehicle software firm LeddarTech is on the brink of default. The company must raise $9.7 million USD (approximately $13.6 million CAD) by May 23 to avoid breaching its credit terms with Desjardins, which mandates it hold at least $1.8 million CAD in cash. As of May 8, cash reserves had dropped to just $4.1 million.

Facing a May 16 deadline to submit a financing plan, LeddarTech has admitted it may not meet the timeline. However, it is in talks with Desjardins and bridge lenders to secure emergency capital and gain relief from looming obligations.

Exro Secures Lifeline Amid Strategic Overhaul

In Calgary, cleantech company Exro Technologies has obtained up to $30 million USD ($42 million CAD) from a long-term institutional shareholder. The infusion will help Exro continue operations while an independent advisor conducts a strategic review of the business.

Potential outcomes of this review include capital restructuring or corporate mergers. Exro must submit an operating plan to its lender by May 20.

Lion Electric’s Ownership Shifts in Radical Deal

Montreal-based Lion Electric has reached a deal to transfer ownership to a Québec investor group, which includes current director Pierre Wilkie and real estate developer Vincent Chiara. The plan cancels all existing common shares and issues new ones to the buyer group.

The consortium will pivot Lion’s focus solely to manufacturing electric school buses in Saint-Jérôme, Quebec, abandoning its electric truck segment altogether.

Auto Tech Collapse Reflects Broader Industry Headwinds

These crises follow months of turbulence in Canada’s automotive sector. LeddarTech was at risk of delisting from Nasdaq in early 2024, while Exro faced legal threats over unrealistic revenue projections. Lion Electric filed for bankruptcy in December 2024, revealing over $244 million CAD in debt.

Contributing factors include global EV market slowdowns, failed government-backed investments, and a volatile trade climate. Honda recently paused a $15-billion EV investment in Ontario due to demand concerns. Even Sweden’s Northvolt—recipient of $7 billion CAD in Canadian government funding—declared bankruptcy in March 2025, casting uncertainty over its planned Québec battery facility.

Outlook: Hope and Hesitation Amid Policy Shifts

Battery plant expansions by Stellantis and Volkswagen continue as scheduled. Recent U.S. clarifications regarding CUSMA rules may alleviate tariff threats for Canadian manufacturers, but the path ahead remains clouded with economic and political uncertainty.

Stay tuned to Maple News Wire for the latest developments in Canada’s evolving auto tech story.