Dragons’ Den judge Michael Wekerle buys El Mocambo in last-minute deal

The founder of Difference Capital is an avid music fan

El Mocambo sign and Michael Wekerle

(El Mocambo sign, left: Paul B. Toman; Michael Wekerle: CBC)

Michael Wekerle is known both for his dealmaking and his flair for the dramatic, and he employed both today by swooping in to buy Toronto’s historic El Mocambo Tavern. The noted bar and concert venue was slated to close today, but Wekerle has put down a deposit to buy the location and keep it open, CBC reports.

Wekerle is, of course, known to be a music enthusiast, throwing an annual daylong concert called “Wekfest” that Canadian Business writer Joe Castaldo described in his recent cover story, The Rise and Fall and Rise of Michael Wekerle:

It’s unlikely that anyone enjoyed themselves as much as Wekerle, even if this year’s event was a smaller-profile affair than the one before, when Snoop Dogg headlined. Wekerle, in his flaming red Wekfest 2014 tank top, was tailed by a CBC camera crew for much of the event. But for the throngs of friends and colleagues in attendance, he simply appeared almost at random throughout the day: at the front of the stage, fist-pumping to whatever band was playing; onstage, peacocking like Mick Jagger; or jumping offstage and crowd-surfing. At one point, he tore through the audience and tackled 54-40 singer Neil Osborne (who had just finished performing) to the ground, where they tussled like man-children.

The El Mocambo deal is set to close in early 2015.