Rustica Foods, a Canadian manufacturer of fresh and frozen pizzas, has secured investments from Fonds de solidarité FTQ and Export Development Canada (EDC).
Specifics of the investment were not disclosed but, in a statement, Rustica Foods said the new investors will support its C$65m ($43.18m) “expansion plans”.
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The Montréal-headquartered company said it will use the investment to buy equipment and “enlarge” its facilities.
Rustica Foods president Richard Morgante provided further details on the “expansion plans”, that include “automating” production lines and “developing new products that meet changing consumer needs”.
Founded in May 2000 by Morgante and his parents, the company began by supplying fresh pizzas to supermarkets.
The company expanded its offerings by acquiring Mia Foods in 2015, a family business known for its Italian-style shelf-stable par-baked pizza crusts.
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By GlobalDataIn 2017, Rustica Foods added frozen pizzas to its product line.
Today, Rustica Foods caters to four key market segments – retail, wholesale, foodservice, and private label.
Its product range includes ready-to-eat fresh tomato pizzas, par-baked premium pizza crusts, and fresh or frozen topped par-baked crust pizzas.
According to Dany Pelletier, executive vice-president of private equity and impact investing at the Fonds de solidarité FTQ, Morgante and the Rustica team have been able to “adapt quickly to a changing market by adopting productivity-boosting technology”.
“In the current context, it is more important than ever to support local agri-food processors who see market changes as opportunities for growth,” he added.
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” and said 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.”
In August, Canada Economic Development for Quebec Regions (CED) provided C$1m in funding to Rustica Foods.
The capital helped the company acquire digital production equipment to “boost its productivity and competitiveness”.
