Focused on a New Wave of Growth

Northern Waters Capital Focus

Identify & Invest in Growing Food & Beverage Companies in Canada & the United States.
We Seek Investments in the Following Food & Beverage Sub-Sectors: Bakery,
Better-For-You, Confectionery/Snacks, Dairy, Protein Producers, Pet Food & Retailers, Beverages

Northern Waters Capital Approach

Form Long-Lasting Active Partnerships, Provide Strong Financial And Strategic Support That Will Result In Long-Term Success

Current Portfolio

Portofino Bakery  

Description: Established commercial bakery producing artisan-style bread, cakes & cookies

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 mid-market private Food & Beverage companies that exhibit significant growth characteristics. 

Prior to Northern Waters Capital, Nicolas was responsible for Mergers & Acquisitions 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.