North American frozen-meals manufacturer Inovata Foods has received an investment from US private-equity firm Swander Pace Capital.
Financial details were not disclosed.
Inovata Foods founder Steve Parsons said the backing will “accelerate our capacity expansion plans”.
Meanwhile, CEO Chad Parsons said the company will “continually invest in the robust capabilities of our manufacturing facilities”.
The Canada-based company, which was founded in 1989, sells its frozen-meals in Canada and the US to retailers and foodservice channels.
The investment marks Swander Pace’s tenth in Canada, including prior investments in Voortman Cookies, Recochem, Kicking Horse Coffee, Lavo, Pineridge Bakery and Liberté.
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By GlobalData“We are truly excited to partner with the Parsons family and the Inovata Foods team, known for their unwavering dedication to quality and customer service,” said Tyler Matlock, managing director at Swander Pace.
“As the demand for premium private-label meal solutions continues to grow, we see Inovata as the ideal platform to capitalise on these trends. With extensive experience in private-label and food manufacturing throughout North America, we believe we are uniquely positioned to help foster Inovata’s growth and leadership position in the industry.”
Inovata Foods has a 45,000 sq ft manufacturing facility in Edmonton, Alberta, and a 95,000 sq ft manufacturing facility located 100 miles from the US border in Tillsonburg, Ontario.
“Selecting the right partner was crucial for us, and we deliberately chose Swander Pace due to their proven track record and shared values and vision for growth,” said Parsons.
He added: “The partnership with Swander Pace will allow us to accelerate our execution efforts and continue to deliver best-in-class quality.”
The Ontario-based company produces a variety of frozen ready-meals, ranging from pasta and noodle dishes to Indian-style curries and paella.
Earlier this month, another Swander Pace-backed company, apple cider vinegar maker Bragg, was reportedly exploring a sale that could value the business at $500m, including debt.
