Food and Beverage Business

Inovata Foods secures investment from Swander Pace to expand frozen meal production

Inovata Foods secures investment from Swander Pace to expand frozen meal production Frozen Food and Beverage Business Inovata Foods

North American frozen-meals manufacturer Inovata Foods has recently secured an investment from US private-equity firm Swander Pace Capital. The financial specifics of the deal have not been disclosed.

Inovata Foods, founded in 1989 and based in Canada, specializes in selling frozen meals in both Canada and the US, catering to retailers and foodservice channels. This investment represents Swander Pace’s tenth venture in Canada, with previous investments including Voortman Cookies, Recochem, and Liberté.

“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,” stated Tyler Matlock, managing director at Swander Pace. He highlighted that the demand for premium private-label meal solutions is on the rise, making Inovata an ideal platform to capitalize on these trends.

Inovata Foods’ founder, Steve Parsons, expressed his optimism about the backing, stating that it will “accelerate our capacity expansion plans.” Meanwhile, CEO Chad Parsons emphasized the company’s commitment to investing in the manufacturing facilities to enhance capabilities.

The partnership with Swander Pace is seen as a strategic move to foster Inovata’s growth and solidify its leadership position in the industry. The Ontario-based company operates a 45,000 sq ft manufacturing facility in Edmonton, Alberta, and a 95,000 sq ft facility in Tillsonburg, Ontario, located near the US border.

Parsons noted, “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.” He added that the collaboration will enable them to accelerate execution efforts and maintain top-notch quality standards.

In addition to its existing product range, which includes pasta dishes, Indian-style curries, and paella, Inovata Foods plans to leverage the partnership to enhance its offerings and drive further innovation in the frozen meals segment.

In a similar development, Swander Pace-backed apple cider vinegar maker Bragg is reportedly exploring a sale that could value the business at $500m, including debt.

The investment from Swander Pace is expected to propel Inovata Foods to new heights in the food and beverage industry, positioning the company for sustained growth and success in a competitive market landscape.

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