Lorne Abony

Lorne Abony (born August 26, 1969) is a Canadian businessman, currently the managing partner of Texas Venture Partners, a venture capital company located in Austin, Texas.

Lorne Abony
Born	(1969-08-26) August 26, 1969 (age 54) Toronto, Ontario, Canada
Nationality	Canadian
Education	McGill University, (BA, 1991), University of Windsor Faculty of Law (JD/LLB, 1994), Columbia Business School, (MBA)

Life and career

Abony was born and raised in Toronto.^[1] After graduating from the University of Windsor law school in 1994, Abony practiced corporate and securities law at the Toronto firm Aird & Berlis.^[2] In his role as CEO and founder of a number of successful ventures, Abony has raised over C$1.3 billion through the public and private debt and equity markets, including over $100 million for Petopia.com,^[3] $190 million for FUN Technologies^[4] and over $820 million for Mood Media.^[5][6]

Abony previously owned the Orange County Breakers,^[7] a professional sports franchise which competes in World TeamTennis.

Abony is the former CEO of Mood Media Corporation, a public company listed on the Toronto Stock Exchange and the London Stock Exchange. He co-founded FUN Technologies in 2001 and in 2004 as CEO of FUN became the youngest CEO of a listed company on the Toronto Stock Exchange (TSX).^[8][9][10] Additionally, Abony is a tennis player and is a former member of the Competition Committee of the Association of Tennis Professionals (ATP).^[11]

Petopia.com

In January 1998, Abony founded and served as the initial president of the online pet-supply business Paw.net in San Francisco. The company, which was eventually renamed Petopia.com, grew to 200 full-time employees within two years and raised over $114 million in financing. Petopia.com was sold to Petco in 2001.^[12]

FUN Technologies

In 2002, Abony co-founded Columbia Exchange Systems Software PLC with Andrew Rivkin after the two raised C$1.8 million from initial investors.^[13] Later renamed FUN Technologies, Abony became the company's CEO and the largest individual shareholder. In 2003, FUN completed an IPO on the London Stock Exchange raising over $11 million.^[13] Soon after, FUN listed its shares on the TSX raising over $56 million from a group of investors including Fidelity Investments, AGF Management and the Ontario Teachers Pension Fund. FUN became one of the fastest growing companies on the TSX and in three years raised over $160 million in five rounds of equity financing. FUN and its subsidiaries acquired seven businesses during Abony's tenure as CEO, including SkillJam Technologies Corporation, Don Best Sports, Fanball Interactive LLC, Octopi Inc., Teagames, WorldWinner Inc. and Fantasy Sports Inc.^[14][15]

The Meridian, Colorado-based Liberty Media acquired a majority interest in FUN Technologies stock in 2005.^[16] Liberty Media purchased the rest of FUN Technologies in late 2007.^[17] The company was valued at nearly C$500 million at the time of its final sale to Liberty Media.^[18][19]

Orange County Breakers

Abony was the owner of the Orange County Breakers for three seasons, selling the team in February 2017.^[20] The Breakers is one of eight professional tennis teams in World TeamTennis, the professional tennis league co-founded by Billie Jean King in 1974.^[21]

Mood Media

Abony is the former CEO of Mood Media Corporation ("Mood Media").^[22] Mood Media provides in-store media to over 575,000 locations worldwide, including clients such as McDonald's, Gucci, H&M, Abercrombie & Fitch, Nike, Hilton Hotel and AT&T. Mood Media has offices in 48 countries employs over 2,700 employees and plays over 115 million songs and 10 million on-hold and on-premise messages daily.^[23][24][25] In 2011 Mood Media was named Canada's fastest growing company by Profit.^[26]

In January 2013, Abony was featured in the CBS series Undercover Boss.

Green Dot (German: Der Grüne Punkt) Duales System Deutschland GmbH (DSD)

 

The Green Dot symbol

Abony was part of the private equity syndicate that acquired Der Grüne Punkt (The Green Dot) "DSD" from Kohlberg Kravis Roberts^[27] in 2011. Abony sits on the board of DSD and is one of its largest shareholders.^[28] DSD was founded in 1990 and was the first company to introduce a dual take-back system in Germany, in response to the Packaging Ordinance & Waste Act. The Green Dot is the license symbol of a European network of industry-funded systems for recycling the packaging materials of consumer goods. The logo is trademark protected worldwide. DSD employs 247 people in Germany,^[29] and is considered the largest dual take-back systems provider in Europe. In 2009, DSD recovered approximately 2.75 million tons of sales packaging, saved 60 billion megajoules of energy and reduced CO₂ emissions (and its equivalents) by 1.5 million tons.^[29] According to Reuters, DSD a former non-profit organization, had 2009 sales of 684 million euros.^[27]

Nuuvera

In November 2017, Abony became the CEO and founder of Nuuvera, a Canadian company that focused on health and wellness products. In March 2018, Aphria Inc. agreed to buy Nuuvera for $826 million CAD in cash and stock.^[30] Abony continued working with Aphria to help grow the medical products globally with his international connections.^[31]

EMMAC

Since 2020, Abony has been one of the shareholders of EMMAC, a European independent medical wellness and nutrition company. Abony helped EMMAC become a global leader in life sciences as their Executive Chairman.^[32] In 2021, EMMAC was valued in a cash and share deal at approximately $345 million (USD).^[33]

Pluri

Pluri is an Israeli based leading biotech company that transforms cells into solutions that promote wellbeing and sustainability. In 2023, Abony joined the Board of Directors of Pluri.^[34]

Meatable

Meatable is a Dutch biotechnology company aimed at cultured meat. In 2023, Meatable raised $35 million in its latest funding round bringing the total to $95 million. In 2024, Abony joined the Board of Directors of Meatable.^[35]

Education, academia and awards

Abony earned an MBA from Columbia Business School,^[36] an LL.B/J.D. from the International Law Center at the University of Windsor and a B.A. from McGill University. He is a recipient of Canada's Top 40 Under 40 award^[37] and an Ambassador for the Province of New Brunswick^[38] and in 2006 was a recipient of the University of Windsor's Odyssey award.^[39]

UATX

The University of Austin is a non-profit private liberal arts university located in Austin, Texas. Lorne and his wife, Valerie Abony became founders of UATX in 2021. In 2023, UATX received accreditation from the Texas Higher Education Coordinating Board and plans to enroll their first undergraduate cohort in the Fall of 2024.^[40]

Tennis

ATP

In August 2012, Abony was selected as one of two Players Representatives to sit on the newly formed 6-member Competition Committee of the ATP. The Competition Committee is composed of distinguished members of the international tennis community including former Wimbledon champion Richard Krajicek. The Competition Committee was created to "explore new and creative ideas for enhancing the competition and presentation of the sport."^[11]

Competitive tennis

Abony is a competitive tennis player. He was a member of the Team Canada men's tennis team ^[41] which competed in the 2009 Maccabiah Games in Israel. He also competes in both the ITF and USTA men's over-40 divisions in both the state and national level in both singles and doubles. Abony's doubles' partner in the men's over-40 category is Jared Palmer,^[42][43] formerly the world #1-ranked doubles player and Wimbledon and Australian Open doubles champion. As of July 3, 2012, Abony, along with tennis partner Jared Palmer, is ranked #2 in the USTA's National Men's over-40 Team Doubles rankings.^[44]

In March 2014, Abony and doubles partner Robert Kendrick reached the finals of the USTA National Hardcourt Championships in the men’s over 30 category .^[45]

In June 2014, Abony and doubles partner Robert Kendrick won the USTA National Indoor Championship in the men's over 35 category.^[46]

References

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2. Lorne Abony: Executive Profile & Biography – BusinessWeek (accessed 16 February 2011)
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4. Fun Technologies plc. (December 31, 2005). "Management's Discussion and Analysis" (MD&A). Fun Technologies plc. Retrieved 2011-03-23.
5. Mood Media Corporation (March 7, 2011). "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" (MD&A). Mood Media Corporation. Retrieved 2011-03-23.
6. FLUID MUSIC CANADA, INC. (March 31, 2009). "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" (MD&A). FLUID MUSIC CANADA, INC. Retrieved 2011-03-23.
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22. https://www.nytimes.com/2013/02/05/business/muzak-background-music-to-life-to-lose-its-name.html
23. "Fluid Music Completes Acquisition of Mood Media Group". www.newswire.com.
24. Fluid Music Canada Inc. (March 31, 2010). "Annual Information Form Year Ended December 31, 2009" (Annual Information Form). Fluid Music Canada Inc. Retrieved 2010-08-03.
25. Anupreeta Das (March 24, 2011). "Mood Media to Acquire Muzak for $305 Million" (Newspaper Article). Wall Street Journal. Retrieved 2011-03-24.
26. PROFIT 200 – Canada's fastest-growing companies (accessed 1 June 2011)
27. Sheahan, Maria (2010-11-11). "KKR sells German recycling group DSD". Reuters. from the original on 2011-03-18. Retrieved 2018-09-26.
28. "Advisory Board - der Grüne Punkt". Archived from the original on 2012-08-02. Retrieved 2011-06-12.
29. "Facts & Figures - der Grüne Punkt". Archived from the original on 2013-02-11. Retrieved 2011-06-21.
30. "Aphria Buys Nuuvera for $670 Million as Pot Deals Heat Up". www.bloomberg.com. Retrieved 2024-03-23.
31. "SEC - Aphria". www.sec.gov. Retrieved 2024-03-23.
32. "European Cannabis Leader EMMAC Gets Lifted Through a SPAC". Yahoo Finance. 2020-07-23. Retrieved 2024-03-23.
33. "Law firm doubles up on value of deals completed in first half | TheBusinessDesk.com". North West. 2021-09-29. Retrieved 2024-03-23.
34. "Pluri (PLUR) Appoints Lorne Abony to its Board". www.streetinsider.com. Retrieved 2024-03-23.
35. Achard, Sepehr (2024-03-22). "Meatable Latest News: Achieves Breakthrough in Cultivated Meat Production". iGrow News. Retrieved 2024-03-23.
36. "Executive Profile" (Executive Profile). BusinessWeek Magazine. December 11, 2008. Retrieved 2008-11-16.^{[dead link]}
37. Kathy English (May 2, 2006). "Canada's Top 40 Under 40". Globe & Mail Report on Business. Toronto. Retrieved 2006-05-06.
38. Ryan, Donaghy (October 19, 2007). "Ambassador program reaches 100 members". Press Release. Retrieved 2007-10-19.
39. . Archived from the original on 2009-03-13. Retrieved 2008-12-23.
40. "UATX - Forging a New Generation of Founders".
41. Tennis Masters Men (accessed 17 February 2011)
42. "Norwalk Scores and Standings: Sept. 13". Norwalk, CT Patch. 12 September 2011.
43. . Archived from the original on 2014-03-17. Retrieved 2011-10-07.
44. "USTA Tournaments Home". tennislink.usta.com.
45. "USTA National Men, Women & Mixed 30's Hard Court Championship: Home". tennislink.usta.com.
46. "Midcoast Tennis Association USTA National Men's 35 Indoor Championship: Home". tennislink.usta.com.