PE Firm Invests in Canadian Private Label Processor Inovata Foods
Private-equity firm Swander Pace Capital (SPC) has invested in Inovata Foods Corp., a private label manufacturer of frozen entrées sold in Canada and the U.S. for retail, club store and foodservice, according to a release from SPC.
SPC sees demand for premium private label meal solutions growing and Inovata as an ideal opportunity, the company noted in the release. Inovata was founded in 1989 by Steve and Lisa Parsons as The Pasta Mill Ltd., making fresh pasta. In 2007, Inovata transitioned to produce a diverse range of cuisines in its frozen meals today in two facilities in Canada.
Steve Parsons said he was confident the partnership would allow Inovata to accelerate its capacity expansion plans. Inovata is SPC’s 10th platform investment in Canada, and the firm currently partners with Vancouver-based Fine Choice Foods Ltd. as well as Quebec-based St-Méthode Bakery.
About the Author
Andy Hanacek
Senior Editor
Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.