Inovata Foods Nets Investment From Private Equity Firm
Private equity firm Swander Pace Capital has invested in Inovata Foods Corp., a manufacturer of private label frozen entrees.
Founded by Steve and Lisa Parsons in 1989, Inovata manufactures a range of frozen meals across two facilities in Canada and services customers in both the U.S. and Canada.
According to the company’s website, Inovata started as a small business specializing in producing fresh pasta for retail outlets and local food services. Today, the company operates a 45,000 sq. ft. manufacturing facility in Edmonton and a 95,000 sq. ft. manufacturing facility in Tillsonburg, Ontario, to the southwest of Toronto and situated between Buffalo and Detroit.
The company’s meal solutions are in several categories including chicken, seafood, pasta/Italian, vegetarian, Mexican, Asian, and "other" that includes shepherd’s pie and sweet and sour meatballs.
"Selecting the right partner was crucial for us, and we deliberately chose Swander Pace Capital due to its proven track record and shared values and vision for growth," said Steve Parsons. "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."
Tyler Matlock, managing director at SPC, added, “We are truly excited to partner with the Parsons family and the Inovata Foods team. 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.”
