Southbridge Stops Venture Investing

Ontario, Canada’s Southbridge Capital is in the process of reorganizing and is no longer making venture capital investments, PE Week has learned. The firm declined to comment further. Its Web site displayed only basic contact information and the promise of a “redeveloped” Web site coming soon.

Southbridge Capital manages the investments for Southbridge Investment Partnership I. It has approximately $80 million under management and invested between $680,000 and $3.4 million with a preference for investing between $2 million and $2.7 million in each portfolio company.

Partner Reginald Petersen founded Southbridge in 1997 after his sale of Versa-Care Ltd., a 30-year-old retirement and nursing care company. The firm’s portfolio companies included International Menu Solutions Corp. (OTC: MENU), a Toronto-based food services company. Petersen was appointed chairman of MENU and Southbridge Capital Partner Lynda King was appointed secretary-treasurer as well as board member. The operating assets of International Menu were sold a few months later. The firm also invested in Dspfactory, a Waterloo, Ontario-based developer of miniature low-power digital signal processing (DSP) technology.