A local business signed a million-dollar deal on the Dragons' Den this week.
Cedar Valley, a Tecumseh-based pita chips manufacturer, signed a $1-million deal with Dragons' Den investor Arlene Dickinson. As part of the deal, Dickinson would have 20 per cent ownership of the company.
"Walking away closing a monster deal with our ideal Dragon, Arlene Dickinson, was a feeling I’ll never forget. The entire experience was incredible, and we were grateful for the opportunity to pitch our business to the Dragons. We were proud to represent our business, culture, and local hub of Windsor-Essex," said Ameen Fadel, founder and president of Cedar Valley.
The deal is now in the due diligence process and has not been officially closed.
“We are hoping to use the investment to purchase additional equipment to increase our production output, 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 Fadel.
Cedar Valley makes flavoured pita chips and salad dressings in a 5,000 square-foot facility that employs 16 people.
The company started as a student-led business in 2015 through the Student Ventures Entrepreneurship program facilitated by the Small Business & Entrepreneurship Centre.