The University of Guelph announced Wednesday that it had received a gift of $7 million for its business college.

The gift came from John F. Wood, and will go on to create the John F. Wood Centre for Business and Student Enterprise, a press release says.

It is the largest-ever that the business college has received, the university says.

Wood was the president and CEO of W.C. Wood Co. Ltd., one of the largest appliance manufacturers in North America.

“I hope that this centre provides young entrepreneurs with the education and confidence to succeed, create the future and improve life,” he was quoted as saying in the release.

President of the University of Guelph Franco Vaccarino called the gift “transformational.”

The centre will provide students the ability, the release reads, “to identify a need, develop a solution and bring it to life.”

Two new chairs will be funded by the gift, as well as start-up funds, mentorship and physical space.