Founded by Caroline Bolduc and David Herz in 2009, Bold Canine manufactures frozen raw food for dogs and cats under the Bold by Nature brand from a leased plant in Erin, Ontario. Its production process uses specialized equipment to form food patties and liquid nitrogen equipment to freeze and cool raw ingredients. The company employed approximately 50 people when the proceeding began. Kensington invested approximately $7.1 million for preferred shares in 2020 and later provided additional liquidity under a secured grid promissory note issued on March 17, 2025.
Bold Canine had been unprofitable for several years because of poor financial management, equipment failures and unsuccessful expansion initiatives, including an attempt to enter…