Tag Archives: Hudson’s Bay Company

Finance

8 “Canadian” Companies Quietly Owned by Foreign Investors

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Our friends at MSN have really stirred the maple syrup pot up with this story- which one of the following companies is the most surprising for you? Leave us a note in the comments section at the bottom of the article.

Many beloved Canadian brands that fill shopping carts and homes across the country have something surprising in common—they’re actually owned by foreign investors and companies. Behind familiar logos and proud Canadian histories stand international corporations that have quietly acquired these businesses, often maintaining their strong local identity while decisions are made overseas.

This eye-opening list reveals 8 well-known Canadian companies that now operate under foreign ownership.

While these businesses still employ thousands of Canadians and remain important parts of communities nationwide, their profits and major corporate choices flow to boardrooms in places like the United States, Europe, and Asia. Each example shows how Canada’s business landscape has evolved in today’s global economy.

Tim Hortons

©Image credit: “Tim Horton’s” by EazyIanish is licensed under CC BY 2.0. To view a copy of this license, visit https://creativecommons.org/licenses/by/2.0/?ref=openverse.

A Canadian fast-food icon, Tim Hortons has been owned by Restaurant Brands International since 2014, with its headquarters in Toronto but major control from Brazil-based 3G Capital. The beloved coffee chain started in Hamilton, Ontario in 1964 as a single donut shop. Today, it serves millions of customers daily across Canada and has expanded into 14 countries. The Brazilian investment firm maintains the Canadian feel of the brand while pushing for global growth.

Hudson’s Bay Company

©Image credit: “Hudson’s Bay Company store, Montréal, South view 20170410 1” by DXR is licensed under CC BY-SA 4.0. To view a copy of this license, visit https://creativecommons.org/licenses/by-sa/4.0/?ref=openverse.

Hudson’s Bay Company, founded in 1670, is now owned by American businessman Richard Baker’s NRDC Equity Partners. The historic retailer shifted from Canadian ownership in 2008 through a $1.1 billion deal. HBC continues to operate The Bay stores across Canada while managing an extensive real estate portfolio. The company maintains its Canadian identity despite being controlled from south of the border.

Cirque du Soleil

©Image credit: “Cirque du Soleil” by _nadya is licensed under CC BY-NC 2.0. To view a copy of this license, visit https://creativecommons.org/licenses/by-nc/2.0/?ref=openverse.

The Montreal-based entertainment company, famous for its artistic circus shows, was acquired by TPG Capital, a U.S. private equity firm, in 2015. Following financial difficulties during the pandemic, ownership changed again in 2020 to a group including Catalyst Capital Group. The company still creates its shows in Montreal. The creative spirit of Cirque remains distinctly Quebec-based despite foreign investment control.

Canada Goose

©Image credit: Tima Miroshnichenko/Pexels

The luxury winter coat maker, started in Toronto in 1957, sold a majority stake to U.S.-based Bain Capital in 2013. The company continues to manufacture its core products in Canada, maintaining its made-in-Canada promise. The brand has expanded globally under foreign ownership while keeping its Canadian headquarters. The international success of Canada Goose proves that Canadian craftsmanship can thrive under foreign ownership.

Rona

©Image credit: “2013_03_20” by Dennis S. Hurd is marked with CC0 1.0. To view the terms, visit https://creativecommons.org/publicdomain/zero/1.0/?ref=openverse.

The Canadian hardware retailer Rona underwent major ownership changes in recent years. After operating independently for decades, the Quebec-based chain was acquired by U.S. home improvement leader Lowe’s in a $3.2 billion deal completed in 2016. However, Lowe’s ownership proved relatively short-lived. In 2023, the American retailer divested Rona, selling it to Sycamore Partners, a private equity firm headquartered in New York, for $2.4 billion. Despite these corporate transitions, Rona maintained its distinct brand identity in the Canadian home improvement marketplace.

St-Hubert

©Image credit: Viridiana Rivera/Pexels

Ontario-based CARA Operations (now Recipe Unlimited) purchased Quebec’s St-Hubert restaurants for $537 million in 2016. The restaurant chain, founded in Montreal in 1951, maintains its distinct Quebec identity. Multiple foreign investment firms hold significant stakes in Recipe Unlimited through the parent company MTY Food Group. The company continues operating across Quebec while major business decisions are made outside the province.

Westjet

©image Credit: Justin Hu on Unsplash

In 2019, Toronto-based Onex Corporation acquired Westjet for $5 billion, with significant backing from international investors and foreign private equity firms. The airline maintains its headquarters in Calgary and continues operating as a Canadian carrier. Major foreign institutional investors hold substantial positions through Onex Corporation. While preserving its Canadian operations, the company’s ownership structure includes significant international investment.

Petro-Canada Stations

©Image credit: “Petro-Canada gas station, Eglinton Avenue West and Avenue Road (6035679276)” by Toronto History from Toronto, Canada is licensed under CC BY 2.0. To view a copy of this license, visit https://creativecommons.org/licenses/by/2.0/?ref=openverse.

Suncor Energy owns Petro-Canada stations, with significant foreign institutional investors holding major stakes. The company merged with Suncor in 2009 in a $19 billion deal. Petro-Canada remains a prominent Canadian retail fuel brand. International investment firms hold substantial voting shares in the parent company.

Shoppers Drug Mart

©Image credit: “Shoppers Drug Mart Store Canada” by bargainmoose is licensed under CC BY 2.0. To view a copy of this license, visit https://creativecommons.org/licenses/by/2.0/?ref=openverse.

Loblaw Companies Limited, a Canadian company, acquired Shoppers Drug Mart in 2014 for $12.4 billion. Despite its Canadian roots, the pharmacy chain has significant foreign institutional investment. Under this foreign ownership, Shoppers Drug Mart continues to expand its healthcare services across Canada.

Featured image/ ©Image credit: Erik Mclean/Pexels

Vintage

An Evolution Of Canadian Shopping Consumers Distributing Style

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As a technology writer for the Silo, I am always focusing and thinking about the evolution of technology. I write about how computers and video games have changed over the years, but of course, many other things change around us and the one I have been thinking about a lot lately is shopping. ( Consumers Distributing may be back,  the relaunch namesake follows us on Twitter  )

CD had some serious PPMP’s (Portable Personal Music Players)- notice how the colour and graphic schemes are totally late 80’s/early 90’s?

When I was a kid, I remember getting the Consumers Distributing catalog and taking it into my room to read thoroughly. Of course, I tended to go directly to the toys section and more specifically I looked at the video games and computers. I dreamed about the day I would own some of these items, and I patiently saved my pennies from my job as a paper route carrier. Life can be tough when you are 12.

Started in 1957, Consumers Distributing tried to save costs for consumers by creating a warehouse like environment that allowed them to operate in smaller locations.

Customers would typically shop through a catalog (which they could take home or use in-store) and fill out a request form. This form was taken to the counter where a customer service representative would go fetch your item(s) and ring up the sale.

At its peak the chain would grow to 243 outlets in Canada and 217 in the United States. By 1996, however, the customers were fading as frustration grew with items being out of stock (or, more accurately, the customer perception was that items were always out of stock). In 2006, the company appeared to emerge from bankruptcy protection but little has been done to revive the stores to the way they once were.

Nothing says vintage or captures the ‘aura’ of shopping in a Consumers Distributing store quite like a polaroid.

Even though the end of the chain could be considered a failure, the evolution of the concept continues to this day. Stores like Home Depot and Costco operate in a warehouse-like environment, there are just no catalogs.

Canadian retail giant Hudson’s Bay Company also thought it was a pretty good idea since they purchased and ran a competitive chain of stores called “Shop-Rite” that were open from 1972 to 1982.

.At its peak, Shop-Rite had 65 stores in Ontario before conceding defeat to Consumers. It wasn’t the competition that was really the problem, it was the concept.

With the recent closing of the retail operations of Blockbuster and Rogers Video, we are seeing another step in the evolutionary process. Decades from now, people will probably think it was quite strange to obtain our movies from a retail store because everything will be digitally beamed into our homes and the physical disks and tapes we use now will be completely gone.

My friend Dave Thielking is a lot like me and he remembers the days when we were kids flipping through those catalogs.

So when he obtained some old catalogs I knew we could work together to put them online and share with our other friends who remember the old days of shopping and the great toys and items we wanted to save our pennies for. The result is a new website called the Consumers Distributing Archive and you can find it at http://www.cdarchive.ca.

We are never going to be able to stop evolution – of any kind – but it doesn’t mean we have to like it, or that we can’t go back to the way things were even just for an afternoon or two. For the Silo, Syd Bolton.