Northern Waters Capital is
Focused on a New Wave of Growth

Northern Waters Capital is a Private Investment Company. 
Based in Toronto, We Dedicate Our Time to Curating a Portfolio of Growing Food & Beverage Companies. 

Our Approach is Simple, Our Focus is Succinct & Our Strategy is Clear. 


Our Goal is to Make Long-Term Investments in Great Companies. We Ignore Trends, Examine Fundamentals, Identify Blind-Spots and Build a Foundation for Sustained Out-Performance.  


We Look to Form Long-Lasting Active Partnerships, Provide Strong Financial and Strategic Support that Will Result in a New Wave of Growth.

Simply, We Will Do All that We Can to Grow Our Companies. 

We Seek to Invest in Founder or Entrepreneur-Run Private Companies in Canada or the U.S.

Ideal Investment Companies Have Annual Sales that Exceed $10.0 Million.


We Target Investments in the Following Food & Beverage Sub-Sectors:
Bakery, Better-For-You Products, Confectionery/Snacks, Dairy, Protein Producers, Pet Food & Retailers, Beverages.


Be the Catalyst for a New Wave of Growth


Portofino Bakery Ltd. 

Founded in 2004, Portofino Bakery is one of the fastest growing diversified bakeries in Canada. A relentless pursuit of quality and consistency has defined Portofino's success as it continues to scale to meet consumer demands. 

Location: Victoria, British Columbia

Type of Investment: Majority

Year of Investment: 2019

Head Office Address:

1027 Yonge Street

3rd Floor

Toronto, ON, M4W 2K9

Phone Number:

(647) 727-8874


Nicolas Mulroney: x700

Cameron Loree: x701


Nicolas Mulroney

Founder & Managing Partner

Nicolas founded Northern Waters Capital in 2018 with a goal to create a vehicle that identifies and invests in
Food & Beverage companies that exhibit significant growth characteristics. 

Prior to Northern Waters Capital, Nicolas was responsible for Mergers & Acquisitions & Strategic Initiatives at
Park Lawn Corporation (TSX:PLC). Nicolas has previously worked in investment banking at CIBC Capital Markets in the diversified industries group as well as within the Bank's institutional equity sales division. In addition, Nicolas worked for RBC Capital Markets as a foreign exchange trader. 


Nicolas has an M.B.A. from the Rotman School of Management at the University of Toronto & B.A. from Boston College. 

Cameron Loree


Cameron joined Northern Waters Capital in February 2019. Prior to joining, Cameron spent over three years in the investment banking division at CIBC Capital Markets in the Consumer, Industrials & Telecommunications group most recently as a Director where he worked on several mergers & acquisitions, equity and debt financings. In addition, Cameron worked at a boutique investment firm in Institutional Equity Sales.  


Cameron has an M.B.A. from the Rotman School of Management at the University of Toronto & Bachelor of Commerce from McGill University.