Sol Algranti
| Sol Algranti | |
|---|---|
| Born | October 2, 1948 Izmir,Turkey |
| 💼 Occupation | Manufacturer, operator, and investor |
| 👩 Spouse(s) | Louise Algranti (m. 1975–present) |
| 👶 Children | 4 |
| 👴 👵 Parent(s) | Albert Algranti and Mathilda Uziel-Algranti |
| Twitter= | |
Sol Algranti (Born 1948) is a Canadian entrepreneur and investor in the Waterloo-Toronto tech Corridor with over 40 years of experience in engineering, manufacturing, operations management and business services, who currently serves as the President and CEO of the Algranti Group of Companies.[1]
Life & Career[edit]
Entrepreneurship[edit]
In late 1989, Algranti became the owner of a plastic components manufacturer for recreational vehicles,Shirlon Plastics Co. Inc., through a highly leveraged buyout. Before he bought Shirlon, the company experienced economic growth and Canadian businesses were doing well in general; however, soon after he purchased the company, the Canadian economy fell into a major and long-lasting recession. One by one, Shirlon lost all its major customers and the company was struggling. In order to survive, Algranti worked to break into the U.S. market and to diversify his product line.[2] In 1991, he invested in a thermoplastic division of a large plastics company called Plastifab, renaming it Algra Plastics Inc, and the following year he entered into a joint venture with Regal Gardening Products, thus creating Algreen Products Inc., best known for their gardening and pond products. [3]
When two major contract signings in 1994 and 1995 with Bombardier Inc. and Fleetwood Enterprises Inc. brought a turning point for Shirlon, the rapid growth of the business put tremendous pressure on cash flow. Algranti ran out of working capital. At the verge of bankruptcy, he renegotiated to give his lenders a short term minority equity position in Shirlon and convert their subordinated debt into a shareholder’s loan, thus drastically improving his balance sheet and his covenants with the bank.[2] In 2008 Sol's son, Alby Algranti, became the president of Shirlon. The company was sold in 2011 to NS Technologies Group Inc. in order to focus more on the development of Algreen’s garden products. [4]
In the early 90's Algranti started an SR&ED consulting company, NorthBridge Consultants Services Inc.[5]
In 2009 Algranti founded a private equity and venture capital firm, NorthSpring Capital Partners, together with Brian Hunter, Alby Algranti, and Dave Schekhter. After investing in some management buyouts, NorthSpring became very interested in booming high tech companies in the Toronto-Waterloo high tech corridor. Currently, NorthSpring’s main investments are in high tech, communication, artificial intelligence, and advanced medical companies.[1] [6]
Their transition from management buyout financing to angel investing in early stage technology companies was covered in the 2017 issue of The Records annual Technology Spotlight.[7]
References[edit]
- ↑ 1.0 1.1 Bloomberg L.P. (U.S.) Capital Markets, Company Overview of NorthSpring Capital Partners.
- ↑ 2.0 2.1 "Bouncing Forward and on a Roll", Exchange Magazine. October 1997.
- ↑ "Algranti's green rebirth", Waterloo Record: Enterprise. November 2008 .
- ↑ "Shirlon Plastics sold, consolidated into Milton company", KW Record:Business News. May 18, 2011.
- ↑ Directories of Canadian Companies, Government of Canada, Company Directories.
- ↑ "NorthSpring invests $1.5 mln in five Toronto-Waterloo startups", The PE hub Network. May 2017.
- ↑ "NorthSpring finds new niche among tech deal makers", KW Record, Technology Spotlight. 2017.
This article "Sol Algranti" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Sol Algranti. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
