Biscuit sandwich manufacturer Bobbi Bobbi has raised $3 billion in a funding round that is expected to close by the end of the year.
The company, which makes cheese and biscuits, plans to expand production to the U.S. in 2018.
The deal was announced Tuesday at the Toronto Stock Exchange.
The new round comes as Canada’s dairy industry has been hit by the recession.
Biscuits are made in a factory in Saint John, N.B., and sold in supermarkets and convenience stores across the country.
Dairy farmers have been struggling to make ends meet as demand for their products has fallen.
The industry has suffered from a lack of supply in recent years, and the number of Canadian dairy farms has declined in recent decades.
The Canada-U.S., which is responsible for most of Canada’s exports, will be the largest consumer of Canada-made products, according to the latest numbers from the Canada-EU trade pact.
The pact requires countries to cut the amount of cheese and other dairy products they produce to maintain a balanced trade balance.
Bisphenol A, the chemical in Bisculchers, is also used in a wide variety of other products.
Its popularity has helped boost the industry in Canada, where more than $11 billion of dairy products are sold each year.
Bipartisan Biscues, a Canadian biscuit company, is in talks with a Canadian firm to manufacture its Biscue.com website.