Swander Pace Capital invests in Inovata Foods to bolster North American operations
Swander Pace Capital (SPC), a prominent private equity firm known for its strategic partnerships with family-held and entrepreneur-owned consumer product companies, has announced a significant investment in Inovata Foods Corp. This move aligns with SPC’s commitment to bolstering its portfolio in the North American food manufacturing sector. Inovata Foods, headquartered in Torrance, California, is renowned for its production of private label frozen entrées, servicing clients in both the U.S. and Canada.
Founded in 1989 by Steve and Lisa Parsons, Inovata Foods has evolved from its original focus on fresh pasta production under the name The Pasta Mill Ltd to a leader in the frozen entrée market since 2007. The company prides itself on a diverse menu that spans global cuisines, from Italian to Indian, produced in two state-of-the-art facilities in Canada.
The investment by Swander Pace Capital is part of a broader strategy following Inovata’s successful Series D equity financing round, which raised $230 million in November 2023. Tyler Matlock, Managing Director at SPC, expressed enthusiasm about the partnership, noting, “As the demand for premium private label meal solutions continues to grow, we see Inovata as the ideal platform to capitalize on these trends.”
Steve Parsons, founder of Inovata Foods, highlighted the deliberate selection of SPC as a partner, which was based on their shared values and proven track record in fostering growth. “I am incredibly proud of the Inovata Foods team and all we have accomplished since our inception. Partnering with SPC will accelerate our capacity expansion plans, enabling us to provide even more quality products to our valued customers,” Parsons said.
Chad Parsons, CEO of Inovata Foods, also emphasized the commitment to quality and customer service that defines the company. “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,” he noted.
This investment is a testament to Swander Pace Capital’s deep experience and strategic approach in the U.S. and Canadian food manufacturing space, marking its 10th platform investment in Canada. In addition to Inovata, SPC’s diverse portfolio includes significant stakes in companies like Voortman Cookies, Recochem, and Kicking Horse Coffee.
The strategic investment in Inovata Foods by Swander Pace Capital reflects a keen insight into the current trends and future potential of the food manufacturing industry. This partnership is likely to set new standards for innovation and efficiency in the production of private label frozen entrées, benefiting consumers across North America with more diverse and high-quality meal options.