Newly-formed investment platform Bond Bakery Brands has bought two Canadian businesses, Portofino Bakery and Pace Processing.

The Toronto investor was founded by friends Cameron Loree, Nicolas Mulroney and Matt Cimon, who is president of Portofino. It is “predominantly funded” through friends and family and is aiming to establish a portfolio of “commercial bakeries, either branded or unbranded” in Canada and the US.

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Bond said it is mainly targeting owner-operated companies that are “looking to accelerate their potential growth and amplify the positive impact these businesses have on their local communities”.

It has not said how much it paid for Portofino and Pace Processing.

Portofino Bakery, headquartered in Victoria, British Columbia, provides artisanal-style branded bakery products to retail and foodservice customers while Pace Processing, headquartered in Surrey, British Colombia, specialises in pizzas, cakes and other sweet and savoury baked goods for the same two channels.

Bond co-founder Mulroney said: “Portofino Bakery and Pace Processing are industry-leading bakery companies that we are excited to have join our platform. Their success has been built on strong customer service, product innovation and entrepreneurial management teams.”

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Portofino Bakery, and Bond Bakery Brands’, Cimon said: “I am looking forward to working closely with the Bond and Pace Processing teams to increase our production capabilities, build strong partnerships and continue expanding our distribution footprint beyond the BC borders.

“The fact that Bond is placing significant focus on making a positive impact on the world around them is important to Portofino Bakery and matches well with our ethos of being proud of the communities we serve.”