Rustica Foods gains new investors

The Fonds de solidarité FTQ and EDC become Rustica shareholders to support the company’s $65-million growth plans. (CNW Group/Rustica Foods)

The Fonds de solidarité FTQ and Export Development Canada (EDC) join Rustica Foods as shareholders to support the Montreal-based company’s $65-million expansion plan. The funds will be used to purchase equipment and enlarge the company’s facilities.

“This strategic support will enable us to accelerate our expansion plans, including automating our production lines and developing new products that meet changing consumer needs. We are proud to work with partners who share our vision of sustainable growth and continuous innovation,” said Rustica Foods president Richard Morgante.

“Richard 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. The Fonds’ investment in Rustica speaks to our desire to continue supporting this important sector of the Quebec economy, particularly alongside partners like EDC,” said Dany Pelletier, executive vice-president, private equity and impact investing, at the Fonds de solidarité FTQ.

“EDC is thrilled to be partnering with the Fonds de solidarité FTQ to invest in Rustica’s continued success,” added Guillermo Freire, senior vice-president, mid-market group, EDC. “With this investment, Rustica will expand their manufacturing capacity and apply innovative solutions to sustain their impressive growth. Rustica is a leading Canadian manufacturer in the agri-food sector and EDC’s investment can help the company deepen their engagement in diverse export markets, where there’s demand for the value and quality of Canadian products.”

Founded in May 2000 by Richard Morgante and his parents, Rustica Foods began by selling fresh pizzas to supermarkets. In 2011, Vincent Giove came on board as a partner. In 2017, frozen pizzas were added to the company’s product line, which today includes the Rustica and Mia brands, along with national and international private labels.