Cold Grind Organic

Kushan and Princey Bharthi, from Calgary, Alberta, asked for $300,000 for 10% of Cold Grind Organic, a company that grows, manufactures and distributes organic spices. The spices are cold-ground to preserve essential oils, achieving a 99.7% essential oil retention rate compared to an industry average of about 43%, and go through steam sterilization for freshness; the company partners with sustainable farms in India and is vertically integrated, handling growing, manufacturing, packaging and distribution from its own family-owned facility. The spices sell for $2.99 and are listed in Sobeys, Safeway and IGA, with Loblaws distribution starting; sales were $1.2 million over the past 12 months with a projection of $3 million for the current year, margins of 68% to 74%, and profit of $726,000 last year; the business is owned 25% each by Kushan, Princey and Kushan's parents.

Lane Merrifield, Arlene Dickinson and Manjit Minhas went out, and Michele Romanow also went out citing concerns about marketing and too many family members involved. Vincenzo Guzzo offered $300,000 for 20%, and Jim Treliving offered the same amount and equity but with a 10% breakage fee. Kushan and Princey Bharthi accepted Vincenzo Guzzo's offer.

Cold Grind Organic is still operating and sells through its website.