Swander Pace Capital Partners with Inovata Foods
June 27 2024 - 5:30AM
Business Wire
Swander Pace Capital (“SPC”), a leading private equity firm
specializing in partnering with family-held and entrepreneur-owned
consumer product companies, today announced an investment in
Inovata Foods Corp. (“Inovata” or the “Company”), a leading
manufacturer of private label frozen entrées. Founded by Steve and
Lisa Parsons in 1989, Inovata manufactures a diverse range of
frozen meals across two facilities in Canada and services customers
in both the U.S. and Canada.
"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. As the demand for premium private
label meal solutions continues to grow, we see Inovata as the ideal
platform to capitalize 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,” said Tyler
Matlock, Managing Director at SPC.
"Selecting the right partner was crucial for us, and we
deliberately chose Swander Pace Capital due to their proven track
record and shared values and vision for growth," said Steve
Parsons, Founder of Inovata Foods. "I am incredibly proud of the
Inovata Foods team and all we have accomplished since our inception
in 1989. I am confident that partnering with SPC will accelerate
our capacity expansion plans, enabling us to provide even more
quality products to our valued customers."
“We strive every day to deliver superior service to our retail
partners. Our employees are dedicated to quality, and we
continually invest in the robust capabilities of our manufacturing
facilities. The partnership with Swander Pace Capital will allow us
to accelerate our execution efforts and continue to deliver
best-in-class quality,” said Chad Parsons, CEO of Inovata
Foods.
The Inovata Foods investment exemplifies Swander Pace Capital’s
depth and experience investing in the US and Canadian food
manufacturing space. Inovata represents SPC’s 10th platform
investment in Canada, including prior investments Voortman Cookies,
Recochem, Kicking Horse Coffee, Lavo, Pineridge Bakery, and
Liberté. In addition to Inovata, SPC currently partners with
Vancouver-based Fine Choice Foods, Ltd., a leading manufacturer of
Asian-inspired foods, selling under the SUMM! brand across North
America, and St-Méthode Bakery, a leading Quebec-based bakery
platform producing healthy, value-add fresh bread products.
Ernst & Young Orenda Corporate Finance Inc. served as
financial advisor to Inovata in the transaction.
About Swander Pace Capital Swander Pace Capital (SPC) is
a private equity firm that invests in companies that are integral
to consumers’ lives. SPC’s consumer industry expertise informs the
firm’s strategic approach and adds value through access to its
proven SPC Playbook, senior team, and extensive network. The firm
partners with management teams to help build companies to their
full potential. SPC invests in businesses across three domains of
consumer lifestyles: Food + Beverage, Body + Wellness, and Home +
Family. Representative investments include Bragg Live Food
Products, Swanson Health Products, Café Valley Bakery, Patriot
Pickle, Mommy’s Bliss, Merrick Pet Care, Kicking Horse Coffee,
Purely Elizabeth, Captek Softgel International, and Fine Choice
Foods. With offices in California, New Jersey, and Ontario
(Canada), SPC has invested in more than 60 companies and raised
cumulative equity commitments of approximately $2.2 billion since
1996. For more information, visit www.spcap.com.
About Inovata Foods Inovata Foods is a private label
manufacturer of frozen entrées specializing in a wide variety of
global cuisine ranging from Italian to Indian. Products are sold in
Canada and the U.S. for retail, club store and food service. The
Company was founded in 1989 by Steve and Lisa Parsons as The Pasta
Mill Ltd, producing fresh pasta before transitioning to making
frozen entrees in 2007. The company’s production facilities and
strong team provide customers with superior service, innovative
R&D, professionalism, and competitive pricing models. For more
information, visit www.inovatafoods.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240627527376/en/
Jeremy Milner BackBay Communications (401) 862-9422
jeremy.milner@backbaycommunications.com