Inovata Foods, a family-run food manufacturing and distribution company based in Edmonton, recently signed a partnership with private equity firm Swander Pace Capital to expand, the latest chapter in its growth history.
Complex carbohydrates, such as those found in pasta, were all the rage in the 1980s since they were found to be richer in nutrients than simple carbs.. In 1989, young couple Steve and Lisa Parsons decided to capitalize on the buzz and launched The Pasta Mill Ltd. out of their Edmonton home, specializing in fresh pasta for retail sale and catering.
Steve Parsons expanded into private-label pasta and rice-based frozen meals, acquiring larger facilities and tripling the business’ revenue over the past 10 years. Today, Inovata’s products are found across North America, with headquarters in Edmonton and manufacturing facilities in Kelowna, B.C., and Tillsonburg, Ont.
Family-owned enterprises like Inovata Foods are integral to the Canadian economy. According to afrom 2019, FOEs generated $574.6-billion, 49 per cent of Canada’s private sector GDP, employing almost seven million people. Although Steve and Lisa Parsons didn’t have formal business training, they learned in real time, not just from trial and error but from non-family hires, several of whom have stayed with the company for more than a decade.
That type of trust builds loyalty and makes employees feel like part of the family, says Jieying Chen, associate professor in human resources management at the University of Manitoba’s Asper School of Business. On the other hand, the decision on whether to hire outside management, remain solely family run or do a blend of both can cause underlying tension, she says.
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