Rustica Foods, a prominent Canadian manufacturer of fresh and frozen pizzas, has secured vital investments from Fonds de solidarité FTQ and Export Development Canada (EDC).
While specific investment details remain undisclosed, Rustica Foods announced that these new investors will significantly aid in its C$65m ($43.18m) “expansion plans.”
The Montréal-based company intends to leverage the investment to purchase advanced equipment and “enlarge” its facilities.
Rustica Foods president Richard Morgante elaborated on these “expansion plans,” which include “automating” production lines and “developing new products that meet changing consumer needs.”
Founded in May 2000 by Morgante and his parents, Rustica Foods initially focused on supplying fresh pizzas to supermarkets. Over the years, the company has diversified its portfolio.
In 2015, Rustica Foods expanded its offerings by acquiring Mia Foods, a family-owned business recognized for its Italian-style shelf-stable par-baked pizza crusts.
The company further diversified in 2017 by adding frozen pizzas to its product line.
Today, Rustica Foods serves four key market segments: retail, wholesale, foodservice, and private label. The product range encompasses ready-to-eat fresh tomato pizzas, par-baked premium pizza crusts, and fresh or frozen topped par-baked crust pizzas.
Dany Pelletier, executive vice-president of private equity and impact investing at the Fonds de solidarité FTQ, praised Morgante and the Rustica team for their ability to “adapt quickly to a changing market by adopting productivity-boosting technology.”
Moreover, he emphasized that, “In the current context, it is more important than ever to support local agri-food processors who see market changes as opportunities for growth.”
Guillermo Freire, senior vice-president of the mid-market group at EDC, described Rustica Foods as a “leading Canadian manufacturer in the agri-food sector.” He stated that the funds can “help the company deepen their engagement in diverse export markets, where there’s demand for the value and quality of Canadian products.”
Additionally, in August, Canada Economic Development for Quebec Regions (CED) provided C$1m in funding to Rustica Foods. This capital has been instrumental in enabling the company to acquire digital production equipment, thereby “boosting its productivity and competitiveness.”
