Fonds De Solidarité FTQ And EDC Invest In Rustica Foods

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

MONTRÉAL — The Fonds de solidarité FTQ and Export Development Canada (EDC) are becoming Rustica Foods shareholders to support the $65 million expansion plans of this food company headquartered in Montréal’s Anjou borough. Rustica says 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 Québec 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,” says 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.”